Nvidia on Tuesday said it would take $5.5 billion in charges after the U.S. government limited exports of its H20 artificial intelligence chip to China, a key market for one of its most popular chips.

Led by Jensen Huang, dubbed the 'Taylor Swift of tech', the chip giant has become pivotal in the race for AI supremacy.

President Donald Trump’s administration has barred Nvidia Corp. from selling its H20 chip in China, an escalation of Washington’s tech battle with Beijing that will cost the company billions of dollars and hamstring a product line it explicitly designed to comply with previous US curbs.