Nvidia CEO Jensen Huang criticized U.S. export controls blocking the sale of its AI chips to China. Last month, the chipmaker noted a $5.5 billion write-down to its inventory, after the U.S. demanded companies get a license to sell their AI chips to China.

Nvidia CEO Jensen Huang has called U.S. semiconductor export controls on China “a failure,” and many chip analysts and pundits think he has a point.

Jensen Huang, the chipmaker’s top executive, said the attempt to cut off the flow of advanced A.I. chips spurred Chinese companies to “accelerate their development.”