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 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. will launch its third crackdown in three years on China's semiconductor industry on Monday, restricting exports to 140 companies including chip equipment maker Naura Technology Group, among other moves,

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