The Commerce Department on Monday officially rescinded the former Biden administration's artificial intelligence diffusion rule that would have placed caps on chip sales to most countries around the world.

The Bureau of Industry and Security, in a release published Tuesday, said the Biden-era rule, which was supposed to go into effect Thursday, would "have stifled American innovation and saddled companies with burdensome new regulatory requirements."

Except for 18 U.S. allies and partners, the sweeping AI........

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