Nvidia gained sharply alongside other chip stocks after the Commerce Department said it doesn’t intend to implement AI processor restrictions drawn up under the Biden administration.

Shares of Nvidia Corp. climbed toward the end of trading Wednesday after a report that the Trump administration is not planning to implement artificial-intelligence rules controlling chips shipments that was introduced by the Biden administration.

The Trump administration will scrap a looming Biden-era rule that would have restricted how American technology is exported overseas. Why it matters: The so-called AI diffusion rule was a top target for GOP senators,