As the Biden administration heads into its final week, AI industry players are cozying up to the incoming president, likely in hopes that he’ll nix the restrictions. With only a week left in office, the Biden administration is still firing off proposed rules,

The latest selloff in Nvidia and other chips stocks could prove short-lived, with the incoming Trump administration likely to take a more relaxed approach to AI controls.

On Trump’s impending inauguration, Nvidia said Monday, “we look forward to a return to policies that strengthen American leadership, bolster our economy and preserve our competitive edge in AI and beyond.

Nvidia faces a significant revenue threat due to the latest U.S. export restrictions on artificial intelligence chips, designed to limit the global distribution of these coveted processors, analysts and investors said.

Global data centers are filling up with GPUs and Nvidia has so far claimed an estimated 90% of that market share. Highly complex chips like GPUs are largely manufactured in Taiwan, but most of the companies that design them are based in the US and so their products are within the Department of Commerce's jurisdiction.

Nvidia stock was rising early Tuesday. The chip maker looks to be finding its footing in the face of a proposed expansion of curbs on exports of artificial-intelligence technology. Nvidia shares were up 1.