Generative artificial intelligence (AI) is firmly on the scene and set to change the way we live and work. NVIDIA CEO Jensen Huang, an AI pioneer and visionary, is optimistic and energized. He sat down with BlackRock’s Tony Kim and offered wit and wisdom on the fast-moving progress of one of this generation’s greatest innovations.
Generative AI took the stage at BlackRock’s NYC headquarters when Jensen Huang, co-founder and CEO of NVIDIA,1 joined Tony Kim, head of the BlackRock Fundamental Equities global technology team. The two discussed AI’s fast-paced and ongoing evolution from deep learning to representing to human-like reasoning. Key takeaways from their conversation:
- Thanks to advancements in accelerated computing, AI capabilities have scaled by one million times over the past decade, says Mr. Huang, who projects they will do the same over the next 10 years.
- Mr. Huang, the longest-tenured CEO in the tech industry,2 notes that companies are “sitting on a treasure trove of their own data” ― the “oil” that fuels AI.
- “AI will create jobs,” says Mr. Huang in taking on fears over job destruction. “AI is automation of skills. It makes people more productive,” he explains. Rather than losing a job to AI, people should fear losing their job to other people who know and use AI.
- Mr. Huang believes we are in a “transformative moment for high-tech,” noting that past tech cycles were dominated by hardware and software, whereas AI is profoundly different and centered on a far-reaching “automation of skills.”
- In Mr. Huang’s estimation, we’re entering an “insane, crazy, fun decade.” He expects the economics of the next layer of AI evolution will be “measured in trillions not hundreds of billions of dollars.”
1 BlackRock does and may seek to do business with companies covered in this content. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this content.
2 Source: BlackRock Fundamental Equities, with data from Bloomberg, October 2023.
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This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of October 2023 and may change as subsequent conditions vary. The information and opinions contained in this post are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this post is at the sole discretion of the reader. Past performance is no guarantee of future results.
Prepared by BlackRock Investments, Inc. LLC. Member FINRA
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