The head of the technology giant Nvidia stated that artificial intelligence will ultimately become an integral part of all enterprises during his visit to Stockholm. He called on Europe to accelerate the development of its AI industry.
Jensen Huang announced at the event, held late Thursday as part of his European tour, that 'ultimately every company will become an AI-based company. Every industry will be affected by AI.'
He emphasized the importance for Europe to build an entire AI technology chain, covering everything from data centers to chatbots and other applications.
Speaking later to AFP, Huang noted that his company has invested $8 billion in Europe over the past year and added that several more billions are in the planning stages, helping Europe create an AI ecosystem.
AI Ecosystem
Huang explained that they have strategically invested in various parts of this ecosystem, supporting high-quality companies that, in his view, can contribute to the development of the entire European ecosystem. As examples, he cited the British cloud service and data center provider Nscale and the Dutch cloud provider Nebius.
During his stay in Stockholm, the presentation of the supercomputer Sferical One took place, which uses Nvidia chips and is designed to keep sensitive Swedish data and expertise within the country. Additionally, Volvo Cars announced an expansion of its partnership with Nvidia to improve safety technologies in its future autonomous vehicles.
The Most Significant Change in Our Lives
US Federal Reserve Chairman Kevin Warsh stated on Friday that AI technology represents 'the most significant change' for the global economy that he has observed. He predicts that the consequences will be positive, although the path forward will be 'uneven.'
During the event at the IMF and World Bank Annual Meeting in Bangkok, Warsh noted that he is considering the macroeconomic implications of this technology—including short-term inflation increases due to demand and expected long-term supply shocks—'calmly and responsibly' in his capacity as chairman of the US central bank.
He acknowledged that the boom in AI investment will lead to price increases in the short term, but believes that 'there is truly a huge benefit for the global economy, for the US economy in the future.'
As an example of the positive effect, he mentioned that he expects the Fed to use AI for deeper data analysis when conducting monetary policy. He also reiterated his previous view that this technology will make economies and countries capable of effectively using it more productive.
Nevertheless, he cautioned that the road ahead remains uncertain regarding how markets will develop around this technology, noting that the transition from the current state to the future will likely be very difficult due to a lack of understanding of the technology and uncertainty about the structure of the new technology market.