The US government's export controls on artificial intelligence chips to China were "a failure", said Nvidia Chief Executive Jensen Huang on Wednesday at the annual Computex event in Taipei.

Huang said, "All in all, the export control was a failure".

According to him, the fundamental assumptions that led to the AI diffusion rule in the beginning, in the first place, have been proven to be fundamentally flawed.

Nvidia's market share of AI chips in China dropped to 50 percent from 95 percent at the start of former US President Joe Biden's administration, Huang said.

Washington's export control has forced Chinese companies to buy semiconductors from Chinese designers such as Huawei Technologies Co, and Chinese companies are also spending big budgets to build semiconductor supply chains independent of US technologies.