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.

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.

The now-scrapped rule would have limited the number of advanced artificial intelligence chips NVIDIA could sell to certain countries.