President Trump's plan to repeal Biden-era chip-export curbs could come as a relief for Nvidia and other chipmakers—but that could prove temporary, analysts warned.

Shares of Nvidia Corp. climbed toward the end of trading Wednesday after a report that the Trump administration is not planning to implement artificial-intelligence rules controlling chips shipments that was introduced by the Biden administration.

The Commerce Department said it doesn’t intend to implement AI processor restrictions drawn up under the Biden administration.

President Trump’s new tariffs are kicking in across the economy, raising costs for many importers and manufacturers. The levies include a 10%, across-the-board tariff on imports from nearly every country,