Generative AI took the stage at BlackRock’s NYC headquarters when Jensen Huang, co-founder and CEO of NVIDIA, 1 joined Tony Kim, head of the BlackRock Fundamental Equities global technology team. The two discussed AI’s fast-paced and ongoing evolution from deep learning to representing to human-like reasoning. Key takeaways from their conversation:

• Thanks to advancements in accelerated computing, AI capabilities have scaled by one million times over the past decade, says Mr. Huang, who projects they will do the same over the next 10 years.Mr. Huang, the longest-tenured CEO in the tech industry, 2 notes that companies are “sitting on a treasure trove of their own data” ― the “oil” that fuels AI.
• “AI will create jobs,” says Mr. Huang in taking on fears over job destruction. “AI is automation of skills. It makes people more productive,” he explains. Rather than losing a job to AI, people should fear losing their job to other people who know and use AI.
• Mr. Huang believes we are in a “transformative moment for high-tech,” noting that past tech cycles were dominated by hardware and software, whereas AI is profoundly different and centered on a far-reaching “automation of skills.”
• In Mr. Huang’s estimation, we’re entering an “insane, crazy, fun decade.” He expects the economics of the next layer of AI evolution will be “measured in trillions not hundreds of billions of dollars.”

Interested in more on this topic? See our early 2023 outlook on generative AI.