Nvidia CEO Jensen Huang has called U.S. semiconductor export controls on China “a failure,” and many chip analysts and pundits think he has a point.

Nvidia CEO Jensen Huang criticized U.S. export controls blocking the sale of its AI chips to China. Last month, the chipmaker noted a $5.5 billion write-down to its inventory, after the U.S. demanded companies get a license to sell their AI chips to China.

Nvidia chief Jensen Huang has condemned US export controls designed to limit China’s access to artificial intelligence chips as “a failure” that spurred Chinese rivals to accelerate development of their own products.