Nvidia CEO Jensen Huang on Friday said there were no plans to sell its chips, crucial components in the development of artificial intelligence (AI), in China due to restrictions imposed by both Beijing and Washington, causing a sharp sell-off in its shares.

The California-based AI chip juggernaut is caught up in the geopolitical tensions between the United States and China, and the CEO's comments dashed expectations that the two superpowers could come to some sort of arrangement on the issue.

Huang has lobbied hard, so far without success, in both Washington and Beijing to break the logjam, arguing that allowing the chips to be sold in China would be good for both countries.

"There are no discussions underway. Currently, we have no plans to ship anything to China," Huang told Taiwanese

See Full Page