Nvidia CEO says chipmaker ‘extremely likely’ to invest in Europe

Nvidia CEO says chipmaker ‘extremely likely’ to invest in Europe

Nvidia’s chief executive was bullish on Europe after his meetings with the European Commission. As a result the company is “extremely likely” to invest in Europe.

Nvidia is “extremely likely” to invest in Europe, Chief Executive Officer Jensen Huang told reporters over the weekend. Saying that he thought expanding into Europe was a “wonderful idea”, Huang also related what the European Commissioner for the Internal Market, Thierry Breton, had told him during a recent meeting.

During their discussion, Breton suggested “that Nvidia should invest a great deal more in Europe and that Europe is going to be a wonderful place to build the future of Nvidia”, Huang said. The meeting, which took place at Nvidia’s headquarters in Silicon Valley, was part of a series of discussions that Breton had scheduled with several US tech giants to discuss artificial intelligence and content moderation in scope of the upcoming Digital Services Act.

Promoting the EU Chips Act in the US

Breton’s charm offensive is no doubt aimed at convincing US tech firms to invest in the EU under the aegis of the European Chips Act. The legislation has made available a €43 billion package consisting of public and private investments to entice chipmakers like Nvidia to build factories in Europe.

Companies like Intel and AMD have already announced substantial projects in the European Union that will be subsidised under the Act.

Nvidia will also look to invest in Europe, Huang said. “The reason for that is Nvidia would like to be a global international company,” he told reporters after meeting with Breton.

Nvidia is powering the AI boom

Nvidia, which specializes in chips that provide the computational power fueling the artificial intelligence boom, has seen its value hover around $1 trillion in recent weeks, after the company’s last quarterly earnings far exceeded expectations.

“AI is about data, AI is about algorithms, and AI is about computing power,” said Breton after his meeting with Huang. “Computing power is thanks to companies like Nvidia,” he added.

Breton said he had invited Huang to continue the discussion in Brussels next month.