Nvidia Blasts Biden, Embraces Trump Amid AI Export Restriction Row

The Biden Administration's Stance on AI

President Biden's new framework aims to restrict the export of advanced AI technology, specifically targeting Nvidia's chips.

The White House claims the measures are meant to prevent AI systems from falling into the hands of "countries of concern," particularly China.

Nvidia's Outcry

In a scathing statement, Nvidia denounced the new rules as a blow to America's competitiveness.

"These Biden rules will only weaken America's global standing...stifling competition," said Ned Finkle, Nvidia's VP of government affairs.

Trumpian Leanings

Nvidia hinted at a favorable disposition toward former President Trump.

Finkle credited the "first Trump Administration" with laying the foundation for the AI revolution.

"We look forward to a return to policies that bolster our economy and preserve our edge in AI," Finkle added.

Nvidia Stock Plunges

Shares of Nvidia plummeted on news of the export restrictions, marking a sharp reversal from recent gains.

The stock shed 15% from its recent peak, erasing billions in market value.

Contrast: Biden vs. Trump Era

Despite its recent slump, Nvidia's stock has seen a remarkable surge during Biden's presidency, outpacing its gains under Trump.

According to FactSet data, Nvidia's shares have risen 880% since Biden's inauguration, compared to 414% during Trump's first term.

Silicon Valley's Trump Connection

Nvidia is not the only tech giant expressing enthusiasm for Trump.

Amazon and Alphabet have donated to Trump's inauguration fund, while industry leaders like Mark Zuckerberg and Tim Cook have met with him.

Meta, under Zuckerberg's leadership, has also made changes in anticipation of Trump's return, such as reducing fact-checking and reinstating Trump's account.

Key Background: Trump's AI Agenda

Trump has appointed David Sacks as the "White House AI & Crypto Czar," reflecting his administration's focus on enhancing AI capabilities.

Nvidia's AI hardware and software systems have played a pivotal role in the recent AI boom, powering technologies like ChatGPT.