Nvidia CEO Jensen Huang said he would like the Trump administration to change the regulations related to exporting AI technology from the U.S. for businesses to better capitalize on future opportunities, Bloomberg News reported Wednesday.

Huang, speaking at a tech conference in Washington, D.C., also warned that China is nipping at the heels of the United States on artificial intelligence breakthroughs, CNBC reported.

The Trump administration is considering changes to a Biden-era regulation that restricts access to advanced U.S. artificial intelligence chips, including possibly eliminating a tiered system that determines how many chips countries can obtain, Reuters reported on Tuesday.

The Framework for Artificial Intelligence Diffusion is set to take effect on May 15 and aims to limit the most powerful AI chips and certain model weights from companies like Nvidia to keep cutting-edge computing within the U.S. and its close allies.

The White House and Nvidia did not immediately respond to Reuters requests for comment.

"I'm not sure what the new diffusion rule is going to be, but whatever it turns out to be, it really has to recognize that the world has changed fundamentally since the previous diffusion rule was released," Huang said in a brief meeting with the media, according to the Bloomberg News report.

Huang said that “China is not behind” in artificial intelligence, and that Huawei is “one of the most formidable technology companies in the world,” the according to the CNBC report.

“China is right behind us,” Huang said. “We are very close. Remember this is a long-term, infinite race.”

“They’re incredible in computing and network technology, all these essential capabilities to advance AI,” Huang said of Huawei. “They have made enormous progress in the last several years.”

“This is an industry that we will have to compete for,” Huang said.

Huang is confident Nvidia will be able to produce its AI devices in the U.S. Earlier this month, Nvidia announced it will manufacture AI servers with Foxconn outside of Houston.

“With willpower and the resources of our country, I’m certain we can manufacture onshore,” Huang said.

Along with other Big Tech and artificial intelligence stocks, Nvidia shares are down more than 20% this year, after nearly tripling in value last year.