(Reuters) -Chip equipment maker Applied Materials said on Tuesday it was not changing its outlook for the first quarter in response to the U.S. government’s latest restrictions on semiconductor exports to China.

The decision was based on the company’s “initial assessment of the impact” of the new regulations, it added.

In its third crackdown in three years on China’s semiconductor industry, the U.S. on Monday announced new rules tightening regulations on chip equipment makers and curbing exports to 140 Chinese companies. 

The move is one of the Joe Biden administration’s last large-scale efforts aimed at limiting China’s ability to access and produce chips that can help advance artificial intelligence technologies for military applications, or otherwise threaten U.S. national security.

Applied Materials, which supplies chipmaking tools to companies including Samsung Electronics, TSMC and Intel, expects first-quarter revenue of about $7.15 billion, plus or minus $400 million. 

Adjusted profit per share is expected to be about $2.29 at the midpoint of its forecast range.

Computer chip equipment maker ASML on Monday said it did not expect the new restrictions to affect its most recent financial guidance.

(Reporting by Kritika Lamba in Bengaluru; Editing by Maju Samuel)