This is a choice between the lesser of two evils, or what could be called "drinking poison to quench thirst." Export controls might lead China to develop its own advanced chips, but without them, China will certainly gain powerful AI capabilities
The only way this would work is to create a kind of great firewall of America keeping open source Chinese models out while the remainder of the globe uses something like DeepSeek.
It would literally be the dumbest soft-power move in the history of the US.