This perspective indicates a challenging journey for a major goal of the Biden administration, which is to shift more chipmaking to the U.S., the report read. 

President Biden has advocated bipartisan legislation to encourage the construction of manufacturing facilities domestically. 

Huang also reiterated NVIDIA's dedication to China, which remains the largest market for chips, despite losing the capacity to sell its top-tier artificial intelligence processors there due to recent U.S. government export restrictions aimed at protecting national security, according to the Bloomberg note.

"We have to come up with new chips that comply with the regulation, and once we comply with the regulation, we'll go back to China," Huang said, as noted by Bloomberg. 

"We try to do business with everybody we can. On the other hand, our national security matters. Our national competitiveness matters," Huang added.

Price Action: NVDA shares are trading higher by 0.74% to $481.75 on the last check Wednesday. 

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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