The Biden administration is considering moves that would restrict U.S. investment in Chinese technology companies amid growing tensions between the U.S. and China, according to people familiar with the matter.

The investment curbs taking shape would likely come as an executive order to be signed by President Joe Biden in coming months, one of the people said Friday evening.

A separate action against TikTok Inc., the hugely popular video-sharing app, is a possibility but no action is imminent, the person added. The Commerce Department, the person said, may place further restrictions on chips used for artificial intelligence computing.