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.

The White House is finalizing additional restrictions on the export of artificial intelligence microchips that would hit companies including Nvidia and Advanced Micro Devices, according to a report.

"We would encourage President Biden to not preempt incoming President Trump by enacting a policy that will only harm the US economy, set America back, and play into the hands of US adversaries," Nvidia VP Ned Finkle tells Reuters on Friday.