Here's your T&B Tech Minute for Wednesday, May 7th. I'm Julie Chang for the Wall Street Journal.

We exclusively report that the Trump administration plans to overhaul its artificial intelligence chip export controls following industry backlash.

A rule that would limit many countries' access to AI chips was set to take effect on May 15th.

A spokeswoman said the Commerce Department plans to rescind the rule, which imposed caps on

how many chips could go to countries like India, Switzerland, Mexico, and Israel.

The move would give companies like NVIDIA a potential reprieve from tight export controls.

Uber today reported a profit of $1.78 billion for the

first quarter, a turnaround from last year when it posted a loss of $654 million. Revenue rose

17% to more than $11.5 billion, short of Wall Street's forecasts. Gross bookings rose 14% to

nearly $43 billion, and the company forecast bookings for the second quarter in a range between

45 and 3 quarters and 47 and a quarter billion. shares closed down 2.5%. And Cisco says it's created a new quantum chip in

collaboration with UC Santa Barbara. The chip is designed to scale quantum networks and connect

quantum processors. Cisco said it works with existing fiber optic infrastructure and consumes

less than one milliwatt of power. The company also said it works with existing fiber-optic infrastructure and consumes less than one

milliwatt of power. The company also said it's opened a quantum lab in Santa Monica, California,

where researchers will continue work on the new chip. For a deeper dive into what's happening

in tech, check out tomorrow's Tech News Briefing podcast.