Nvidia Corp. criticized new chip export restrictions that are expected to be announced soon, saying the White House was trying to undercut the incoming Trump administration by imposing last-minute rules.

"We would encourage President Biden to not preempt incoming President Trump by enacting a policy that will only harm the U.S. economy, set America back, and play into the hands of U.S. adversaries," Nvidia Vice President Ned Finkle said in an emailed statement.