Huawei Technologies Co.’s ambitions to create more powerful chips for AI and smartphones have hit major snags because of US sanctions, stalling a major Chinese effort to match American technology.Huawei is designing its next two Ascend processors, its answer to Nvidia Corp.’s dominant accelerators, around the same 7-nanometer architecture that’s been mainstream for years, people familiar with the matter said. That’s because US-led restrictions prevent Huawei’s chipmaking partners from procuring ...