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The U.S. government said on Monday it would further restrict artificial intelligence chip and technology exports in order to keep advanced computing power in the US and among its allies. The new regulations will cap the number of AI chips that can be exported to most countries and allow unlimited access to US AI technology for America’s closest allies, while also maintaining a block on exports to China, Russia, Iran and North Korea. These new restrictions aim to maintain US leadership in AI by closing loopholes and adding new guard rails to control the flow of chips and global development of AI. The regulation is set to take effect 120 days from publication.