Nvidia is cozying up to the incoming Trump administration after criticizing new AI rules just announced by the Biden administration meant to keep advanced chips and AI models under the control of the United States and its allies. The President-elect will ultimately have the final decision on whether to enforce the new AI rules.

Nvidia stock was falling as the chip maker pushed back against a last-minute rush by the Biden administration to issue new regulations over artificial-intelligence technology. The has made an explicit appeal to President-elect Donald Trump to reject such policies.

Nvidia on Thursday criticized a reported plan by the Joe Biden administration to impose new restrictions on AI chip exports, saying that the outgoing U.S. leader should not "preempt incoming President Trump" by enacting a last-minute policy.

Nvidia broke an important chart level on Friday amid reports of its response to a new proposal to limit chip sales. Meanwhile, Nvidia's executives tackled a possible chip ban from the outgoing Biden administration.

The chip maker urged the incumbent president not to 'pre-empt' the Trump administration with a policy to tighten export controls.

Broadcom Inc. (AVGO), and Advanced Micro Devices Inc. (AMD) slumped on Friday following a Bloomberg report that President Joe Biden’s administration plans to introduce one final round of sweeping chip export restrictions before the end of his term.