Nvidia Corp (NASDAQ: NVDA) chief executive Jensen Huang says the White House has based its export regulations on the assumption that China is incapable of making its own AI chips. But recent checks confirm this assumption is fundamentally flawed,

Washington’s efforts gave Chinese companies “the spirit, the energy and the government support to accelerate their development,” said Jensen Huang.

U.S. efforts to curtail China’s access to advanced artificial intelligence chips have backfired, Nvidia (NVDA) CEO Jensen Huang said Wednesday, adding that the Biden administration’s export restrictions didn’t slow China’s AI ambitions — they accelerated them.