Nvidia Corp. chief Jensen Huang blasted the “failure” of US restrictions intended to help contain China’s technological ascent, calling on the White House to lower barriers to AI chip sales before American firms cede that market to up-and-coming rivals such as Huawei Technologies Co.

Jensen Huang, the chipmaker’s top executive, said the attempt to cut off the flow of advanced A.I. chips spurred Chinese companies to “accelerate their development.”