Nvidia broke an important chart level on Friday amid reports of its response to a new proposal to limit chip sales. Meanwhile, Nvidia's executives tackled a possible chip ban from the outgoing Biden administration.

Nvidia on Thursday criticized a reported plan by the Joe Biden administration to impose new restrictions on AI chip exports, saying that the outgoing U.S. leader should not "preempt incoming President Trump" by enacting a last-minute policy.

The chip maker urged the incumbent president not to 'pre-empt' the Trump administration with a policy to tighten export controls.