President Donald Trump has rescinded a set of Biden-era curbs meant to keep advanced technology out of the hands of foreign adversaries but that has been panned by tech giants.

The Trump administration plans to rescind some Biden-era AI chip curbs as part of a broader effort to revise global semiconductor trade restrictions that have drawn strong opposition from major tech companies and foreign governments.

Shares of Nvidia which has strongly opposed the proposed rules, closed up 3.1% shortly after the report. The chip maker called the rules “misguided” after they were introduced