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What impact will the US' new AI chip export restrictions have on Europe?

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The Biden administration last week unveiled rules that will limit the flow of advanced AI chips from US companies to all but 18 countries.

Countries that will not have any access to US chips include China , Russia , Iran , and North Korea .

Some countries are on a special tier one list and will have full access to the US chips, such as EU member states France , Belgium , and Spain .

Those on the tier two list will see the number of AI chips - called graphics processing units - capped at 50,000 .

Europe is not quite there when it comes to hard-nosed manufacturing of AI -capable GPUs.

Other countries could instead turn to China for AI-enabled chips, but probably not in the near future.

China is already heavily investing in AI technology as it is a key priority for the country.