Nvidia (NVDA) shares are inching up as of this writing following a report that President Donald Trump will soon rescind export restrictions that were slapped on AI chips by former U.S. President Joe Biden.

Nvidia (NVDA) stock rose on Thursday following a Bloomberg report that the Trump administration plans to repeal AI chip export restrictions put into place under former President Joe Biden. The AI chipmaking giant's shares were up almost 2% in premarket trading,

The U.S. government plans to withdraw a rule introduced under the Biden administration that had aimed to restrict exports of advanced AI chips — a policy that had posed challenges for major semiconductor companies like Nvidia (NVDA) and AMD (AMD).