The Biden administration announced a sweeping set of new export controls that will make it harder for Chinese companies like Huawei and ByteDance to develop cutting-edge artificial intelligence.

The United States on Monday launched its third crackdown in three years on China's semiconductor industry, curbing exports to 140 companies including chip equipment maker Naura Technology Group, among other moves.

The Biden administration unveiled new restrictions on China’s access to vital components for chips and AI, escalating a campaign to contain Beijing’s technological ambitions.

The US has introduced new export controls in an effort to curtail China’s ability to create an advanced semiconductor industry and to slow its development of artificial intelligence with military applications.

The U.S. Department of Commerce has placed additional curbs on China’s access to vital tools and components for AI chips. The new rules restrict sales of 27 types of high-bandwidth memory (HBM) and chipmaking equipment,

New US restrictions will hit two dozen semiconductor companies, two investment firms and over 100 chipmaking tool makers, sources told Reuters.