Export controls need to be tightened after revelations the Chinese company used Nvidia technology, the leaders of a congressional committee said.

Two U.S. Congress members are calling on President Donald Trump's administration to consider restricting the export of artificial intelligence chips made by Nvidia , alleging Chinese AI firm DeepSeek has relied on them.

Nvidia said in a statement it is "ready to work with the administration as it pursues its own approach to AI."

Nvidia shares' 9% recovery Tuesday was the second-best day in terms of market cap added for any company ever—but the company faced another selloff Wednesday.

Trump administration officials are exploring additional curbs on the sale of Nvidia Corp. chips to China, according to people familiar with the matter, who emphasized that conversations are in very early stages as the new team works through policy priorities.

Nvidia shares hit their lows of the day on Wednesday after Bloomberg reported Trump administration officials are "exploring additional curbs" on the company's chip sales to China.

So, let's consider a few facts for a moment. Reuters reports that DeepSeek's development entailed 2,000 of Nvidia's H800 GPUs and a training budget of just $6 million, while CNBC claims that R1 "outperforms" the best LLMs from the likes of OpenAI and others.