Nvidia Corp. chief Jensen Huang blasted the “failure” of US restrictions intended to contain China’s technological ascent, calling on the White House to lower barriers to AI chip sales before American firms cede that market to up-and-coming rivals such as Huawei Technologies Co.

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.

Nvidia CEO Jensen Huang reportedly called Washington’s export curbs on the sale of AI chips to China a “failure” that would drive Chinese rivals to speed up developing their own semiconductors.