"If the United States doesn't want to partake, participate in China, Huawei has got China covered," the Nvidia CEO warned.

Nevertheless, Ren Zhengfei cautioned that Huawei still isn’t quite as successful as the U.S.’s fears make it seem.

U.S. export controls on Nvidia have incentivized China to develop alternatives, while also making it more difficult for domestic firms to do so, experts say.