Nvidia Corp. Chief Executive Officer Jensen Huang took a sanguine view toward the latest AI stock-market rout, saying the benefits of the technology will soon outweigh the concerns of investors.
“All of this is going to pass, and the reason for that is very simple,” Huang told Bloomberg’s Emily Chang during an event in Berlin. “It’s going to be transformative. It’s going to impact in a very positive way every single industry and every single country. There’s no question it will continue, and we’re at the beginning of that.”
The remarks capped a tumultuous week for shares of chipmakers and AI infrastructure companies.
The closely watched Philadelphia Stock Exchange Semiconductor Index has now fallen for eight straight days, marking the longest losing streak since 2008. Nvidia shares, meanwhile, have dropped during seven of the past eight sessions. Investors have expressed worry that AI spending isn’t sustainable at a time of higher borrowing costs.
All the while, Huang has stuck to upbeat predictions for the AI market and its impact on the broader economy. He expects the returns from massive investments in hardware to ultimately ease market jitters.