Nvidia Corp. NVDA CEO Jensen Huang emphasized the company’s quarter-century presence in China’s technology ecosystem during a speech at the Hong Kong University of Science and Technology, highlighting how the region helped shape the now-dominant artificial intelligence chip giant.
What Happened: Speaking at HKUST’s 2024 Congregation, Huang revealed that Nvidia’s design centers in Hong Kong, Beijing, and Shenzhen have been instrumental in building both the company and China’s broader technology landscape.
“We’ve had the benefit, the great joy, and the privilege of watching the amazing technology industry form in China,” Huang said.
The comments come as Nvidia rides unprecedented demand for its AI chips, with recent third-quarter revenue reaching $35.1 billion, up 94% year-over-year. The company’s data center segment alone generated $30.8 billion, underlining its dominance in AI computing infrastructure.
Why It Matters: Previously, Huang disclosed a significant missed opportunity during an AI summit in Tokyo. He expressed regret at declining SoftBank Group CEO Masayoshi Son‘s offer years ago to finance a complete buyout of Nvidia, now valued at $3.6 trillion.
The CEO’s remarks at HKUST highlighted AI’s transformative impact across industries, citing recent Nobel Prize victories in physics and chemistry related to neural networks and protein prediction. “AI is certainly the most important technology of our time and potentially of all time,” Huang stated.
Wall Street remains bullish on Nvidia’s trajectory, with Wedbush analyst Dan Ives describing recent results as a “jaw-dropper.” The company projects fourth-quarter revenue of $37.5 billion, supported by major deployments like Oracle Corp.‘s ORCL planned AI computing clusters using over 131,000 Blackwell GPUs.
Price Action: Nvidia’s stock has surged more than 194.69% year-to-date, outperforming other major tech companies including Apple Inc. AAPL and Microsoft Corp. MSFT.
Read Next:
Image Via Shutterstock
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
