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.

Nvidia shares rose on Wednesday on a report that the Trump administration plans to revise a set of chip trade restrictions called the "AI diffusion" rule. The chip restrictions were scheduled to take effect on May 15.

The Nvidia CEO said his company would "stay agile and keep moving on" and do "whatever's in the best interest of our country."

Nvidia Corp. Chief Executive Officer Jensen Huang said that the market for AI chips in China could reach $50 billion in the next couple of years, making it crucial for US companies to have access to the country.

China is a very large market. It’s probably going to be a $50 billion market in the next couple or three years," Huang predicted in a TV interview.