Nvidia's Jensen Huang says human jobs won't just go away because of AI

By Mike Murphy

Nvidia Inc. chips are powering the artificial-intelligence revolution. But while Chief Executive Jensen Huang thinks AI will change the world, he doesn't expect human jobs to just disappear.

Speaking to CBS News' "60 Minutes" in an episode that aired Sunday night, Huang said that as AI helps companies, they will naturally expand.

"The workers work for companies," he said, according to a CBS News transcript. "And so companies, when they become more productive, earnings increase. I've never seen one company that had earnings increase and not hire more people."

"I believe that you still want humans in the loop."Jensen Huang, Nvidia CEO

Even if some jobs become obsolete, "I believe that you still want humans in the loop," Huang told "60 Minutes" correspondent Bill Whitaker, "because we have good judgment, because there are circumstances that the machines are not - just not going to understand."

Read more: AI is evolving and investors need to change with it. Here's what to expect.

While touting the computing power of Nvidia's latest GPU chips, dubbed Blackwell, Huang said the sky's the limit when it comes to AI's capabilities.

"We're hoping that it does things that surprise us. That's the whole point. In some areas like drug discovery, designing better materials that are lighter, stronger. We need artificial intelligence to help us explore the universe in places that we could've never done ourselves."

While Nvidia shares (NVDA) have stumbled over the past month - down about 3% - they've soared 77% year to date, and are up more than 200% over the past 12 months, as Nvidia is now one of only four U.S. companies valued at more than $2 trillion, along with Microsoft Corp. (MSFT), Apple Inc. (AAPL) and Alphabet Inc. (GOOGL) (GOOG).

Nvidia is expected to report quarterly earnings May 22, with expectations of another massive quarter after smashing its top-line outlook by nearly $2 billion in its February report.

Also: The timing may be just right to buy Nvidia or other semiconductor stocks

-Mike Murphy

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04-28-24 1958ET

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