Nvidia CEO Jensen Huang believes the sell-off in global technology stocks since last week presents a buying opportunity, emphasizing that the development of artificial intelligence architecture has only just begun.
South Korea's benchmark Kospi index fell on Monday as investors reduced their bets on artificial intelligence stocks that had fueled a rally in global equity markets. Concerns about over-investment in AI also weighed on technology stocks globally, while their US counterparts declined on Friday amid worries about a potential interest rate hike.
In response to questions about how to view the recent downturn, Huang said the sector is still in the early stages of building the infrastructure that will form the basis of an AI-driven future.
Agreement between Nvidia and SK Hynix
Nvidia and SK Hynix Inc. announced on Monday that they have reached a multi-year agreement to develop future generations of memory chips for artificial intelligence, a win for the South Korean company that competes with Samsung Electronics Co. in this fast-growing sector.
Shares including SK Hynix also cut their losses after South Korean President Lee Jae-myung said on Monday that he believed the domestic market was still undervalued.
Hwang said, We are at the beginning of this phase, and whatever happens in the stock market, you should be very happy because you can now buy at discounted prices. He added, Everyone should be extremely excited, in remarks to reporters after meeting with SK Group Chairman Choi Tae-won in Seoul.
Artificial intelligence is shaping the world's infrastructure.
Like many of his peers in the technology sector, Huang has consistently emphasized that artificial intelligence will fundamentally transform large sectors of the global economy and change the way people work and live. This will drive demand for data centers and chips, necessary to power future AI services, to unprecedented levels.
He said: It is generally accepted that artificial intelligence will become the world's infrastructure, just as the internet has become the world's infrastructure.
