Nvidia expects no immediate material impact from the reported new restrictions on exports of artificial intelligence chips to China, CNBC reported on Wednesday citing CFO Colette Kress.

Shares of the company pared losses and were flat in afternoon trading.

The U.S. Commerce Department will stop the shipments of chips made by Nvidia and other chip companies to customers in China as early as July, the Wall Street Journal reported on Tuesday.

(Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra Eluri)