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.

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.

"We would encourage President Biden to not preempt incoming President Trump by enacting a policy that will only harm the US economy, set America back, and play into the hands of US adversaries," Nvidia VP Ned Finkle tells Reuters on Friday.