Nvidia (NVDA) stock fell Friday along with other chipmakers after a December jobs report pushed out expectations for additional rate cuts from the Federal Reserve and ahead of expected chip export restrictions from the Biden administration.

The Biden administration intends to impose additional export restrictions on AI chips, including those produced by NVIDIA, just days before President Joe Biden leaves office. This move represents his final effort to prevent advanced technology from falling into the hands of China and Russia.

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.

Nvidia stock fell early Friday as the chip maker hit back at the Biden administration over reported plans to tighten restrictions on sales to China and other countries.

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