Nvidia Inc is working closely with the US government to ensure new chips for the Chinese market are compliant with export curbs, as the company works hard to navigate the geopolitical uncertainties that increasingly weigh on its business.

Jensen Huang, CEO of Nvidia, said on Wednesday that: "Our plan now is to continue to work with the government to come up with a new set of products that comply with the new regulations that have certain limits," according to a report from Reuters.

Nvidia is a dominant supplier of AI chips to the Chinese market, but the US' latest export controls are likely to leave room for the emergence of competitive Chinese rivals.

Huang said Huawei Technologies Co is among a field of "very formidable" competitors to Nvidia in the race to produce the best AI chips.