The Biden administration has announced new AI chip export restrictions aimed at limiting China's access to advanced technology. The rules divide countries into three tiers, granting unrestricted access to allies like Japan and the UK, while capping exports to others and fully blocking adversaries like China and Russia. Nvidia and other tech firms criticized the measures as overreach, arguing they threaten innovation and economic growth. The incoming Trump administration will have 120 days to review and potentially adjust the policy.