The Meeting

Nvidia CEO Jensen Huang met with President Trump Wednesday. The two discussed chip export restrictions as lawmakers consider a proposal to limit exports of advanced AI chips to nations like China.

"I've said it repeatedly that we support export controls, and that we should ensure that American companies have the best and the most and first," Huang told reporters on Capitol Hill.

A source familiar with the matter confirmed the meeting to Reuters.

The Legislative Battle

Lawmakers were considering including the Guaranteeing Access and Innovation for National Artificial Intelligence Act in the National Defense Authorization Act. The GAIN AI Act would require chipmakers like Nvidia and AMD to give U.S. companies first pick on their AI chips before selling them in countries like China.

The proposal isn't expected to be part of the NDAA, Bloomberg reported.

Huang said it was "wise" that the proposal is being left out of the annual defense policy bill. "The GAIN AI Act is even more detrimental to the United States than the AI Diffusion Act," he said.

State Regulations Warning

Huang criticized the idea of establishing a patchwork of state laws regulating AI. The notion of state-by-state regulation has generated pushback from tech companies and spurred creation of a super PAC called "Leading the Future," backed by the AI industry.

"State-by-state AI regulation would drag this industry into a halt and it would create a national security concern, as we need to make sure that the United States advances AI technology as quickly as possible," Huang said. "A federal AI regulation is the wisest."

Trump's Position

Trump last month urged legislators to include a provision in the NDAA that would preempt state AI laws in favor of "one federal standard."

But House Majority Leader Steve Scalise told CNBC Tuesday the provision won't make it into the bill, citing a lack of sufficient support. He and other lawmakers will continue to look for ways to establish a national standard on AI.

The Access Huang Gets

Earlier Wednesday, podcaster Joe Rogan released a nearly three-hour interview with Huang. The CEO of the world's most valuable company praised Trump and said he was in regular contact with administration officials.

"Every single time I called, if I needed something, I want(ed) to get something off my chest, express some concern, they're always available," Huang told Rogan.

The AI Race View

Huang told Rogan that while it's in U.S. national security interests to develop AI before other countries, there may be no obvious inflection point at which any single country wins the race.

"I think it's probably going to be much more gradual than we think," Huang said. "It won't be a moment. It won't be as if somebody arrived and nobody else has. I think it's going to be things that just get better and better and better and better, just like technology does."

The Bottom Line

Nvidia CEO Huang met Trump Wednesday to discuss export controls and warned state-by-state AI regulations would halt industry progress, as the GAIN AI Act requiring U.S.-first chip sales faces unlikely passage despite Huang's stated support for keeping America's technological edge.