U.S. export controls on artificial intelligence chips to China were "a failure" as they have cost American companies billions of dollars in lost sales, Nvidia Chief Executive Jensen Huang said on Wednesday.

CEO Jensen Huang said the U.S. export controls on Ai chips to China were "a failure" as they have cost U.S. companies billions of dollars in lost sales, Reuters reported. In January, the Biden-Harris Administration unveiled a rule on 'Artificial Intelligence Diffusion,