The Biden administration is planning to impose more restrictions on chip sales to China and Russia, according to a report.

Nvidia Corp.’s stock continued its rally Monday, embodying the red-hot momentum in the artificial-intelligence chip trade so far this year.

Nvidia stock was looking to find its footing on Wednesday after economic data prompted a Big Tech selloff the previous day. Nvidia stock tumbled 6.2% in the previous session, wiping out about $200 billion worth of market capitalization.

Shares of Nvidia (NASDAQ: NVDA) were under pressure on Tuesday, falling as much as 6%. As of 3:13 p.m. ET, the stock was still down 5.6%. Nvidia stock appeared to be caught up in overall market weakness,