Nvidia (NVDA.US) CEO Jensen Huang opined that the US export controls on Chinese AI chips are futile, as Chinese companies are applying self-developed technologies.

The US Department of Commerce had issued guidelines last week, alerting companies of the risks of violating US export controls when using Chinese chips.

A spokesperson for the Chinese Ministry of Commerce responded by stating that the US actions severely undermine the consensus reached during high-level US-China talks in Geneva, urging the US to correct its mistakes.

Huang noted that Nvidia's market share in China has shrunk to 50% from 95% since the beginning of US President Joe Biden's term.
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