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During a recent speech unveiling his administration’s new Artificial Intelligence (AI) Action Plan, former President Donald Trump made a surprising admission: he once considered breaking up tech giant Nvidia, despite initially being unfamiliar with the company or its CEO, Jensen Huang.
Trump’s Candid Confession at AI Summit
Speaking at an AI summit in Washington, D.C., where he launched the United States’ comprehensive AI strategy, President Trump revealed his past contemplation of antitrust action against Nvidia. He recounted a conversation where he suggested, “we’ll break this guy up,” referring to Nvidia’s market dominance.
“I said, what percentages of the market does he have? ‘Sir, he has 100%,'” Trump explained, detailing the moment he first learned about the chipmaker’s near-complete control over certain sectors. His candid reaction: “‘Who the hell is he? What’s his name?’ ‘His name is Jensen Huang, Nvidia,’ I said, ‘What the hell is Nvidia?’ I’ve never heard of it before.”
Nvidia’s Unrivaled Position and Trump’s Realization
Trump further elaborated on the perceived difficulty of challenging Nvidia’s entrenched market position. He noted that he “figured we could go in and we could sort of break them up a little bit, get them a little competition, and I found it’s not easy in that business.” He even claimed to have explored the idea of assembling “the greatest minds” to foster competition, only to be informed it would take a decade to catch Nvidia, even if Huang managed the company “totally incompetently from now on.”
Despite his initial unfamiliarity and inclination to disrupt, Trump ultimately expressed admiration for Huang and Nvidia’s achievements. “And then I got to know Jensen, and now I see why,” he remarked, acknowledging the company’s significant contributions to the AI landscape.
The New AI Action Plan and Its Implications
The speech served as the backdrop for the unveiling of Trump’s 20-page AI Action Plan. This strategic document outlines three core objectives: accelerating AI innovation by streamlining regulations, bolstering American AI infrastructure, and encouraging the global adoption of U.S.-developed AI technologies among allies.
While the plan champions the proliferation of AI tech from companies like Nvidia, it also hints at expanding export controls and implementing additional restrictions on component subsystems crucial for semiconductor manufacturing. This suggests a nuanced approach to AI development, balancing growth with national security and control.
Nvidia’s Soaring Market Valuation
Trump’s comments underscore Nvidia’s meteoric rise, largely fueled by its pivotal role in supplying hardware for advanced AI computing across industries. The company’s stock has seen exponential growth over the past decade, recently surpassing a staggering $4 trillion in market capitalization. This milestone is particularly remarkable given that Nvidia only reached the $1 trillion valuation mark two years prior, highlighting its rapid ascendancy as a dominant force in the global tech economy.