"The Biden administration plans new restrictions on artificial intelligence chip exports from companies like Nvidia to limit access for China and Russia, as reported by sources familiar with the matter. The proposed regulations will create three tiers of chip curbs, affecting countries based on their computing power levels, according to people familiar with the matter. Nvidia and the Semiconductor Industry Association oppose the new rules, arguing they may harm economic growth and U.S. Leadership in AI, as stated in their respective statements. Industry leaders express concerns that the regulations will limit U.S. Companies' ability to compete globally and may inadvertently benefit China, as noted by experts and industry representatives."