After a week or so of rumors, the U.S. Department of Commerce formally rescinded Biden-era AI export controls that were set to go into effect on May 15.

The Commerce Department on Monday officially rescinded the former Biden administration’s artificial intelligence diffusion rule that would have placed caps on chip sales to most countries

The controversial rule on what countries can receive and use U.S. artificial intelligence technology and components will be replaced with a new rule and new AI export control guidance.

NVIDIA may be the bellwether for the current administration's approach to the exports of AI infrastructure. The company revealed last month that the federal government is requiring a license for the export its H20 chips to some regions,

One effect of the change will be its likely benefits for NVIDIA; shares of the company’s stock rose 3% after the news about the AI chips export rule change was announced.

Take Nvidia Corporation, whose stock price skyrocketed after reports came out that the Trump administration would remove restrictions on exporting advanced AI chips. Not surprisingly, investors responded favorably,

Shares of Nvidia which has strongly opposed the proposed rules, closed up 3.1% shortly after the report. The chip maker called the rules “misguided” after they were introduced

The Trump administration is evaluating potential changes to a Biden-era rule that restricts global access to advanced AI chips, reported Reuters citing three sources. The current rule, known as the Framework for Artificial Intelligence Diffusion,

The regulation known as the Framework for Artificial Intelligence Diffusion, introduced during the final days of the Biden administration, was designed to limit the global diffusion of advanced computing power,

The United States rescinded further export controls Tuesday on advanced computing semiconductors, answering calls by countries that said they were being shut out from crucial technology needed to develop artificial intelligence.