Shares of Nvidia which has strongly opposed the proposed rules, closed up 3.1% shortly after the report. The chip maker called the rules “misguided” after they were introduced

Nvidia shares rose on a report that the Trump administration plans to revise a set of chip trade restrictions called the "AI diffusion" rule. The chip restrictions were scheduled to take effect on May 15.

Nvidia and other semiconductor stocks were rising on Thursday as the Trump administration said it plans to scrap regulations that would limit exports of artificial-intelligence chips worldwide.Nvidia shares were up 0.