"What the president is announcing today is going to accelerate AI innovation in America," Huang said.

At least $1bn worth of Nvidia’s advanced artificial intelligence processors were shipped to China in the three months after Donald Trump tightened chip export controls, exposing the limits of Washington’s efforts to restrain Beijing’s high-tech ambitions.

“The Fed chair is apparently safe for the time being,” Ian Lyngen, head of US rates strategy at BMO Capital Markets, wrote in a note to clients.