Nvidia CEO Sees AI Stock Rout as Opportunity for Discounted Buys

Nvidia CEO Sees AI-Driven Tech Selloff as Buying Opportunity

Nvidia Corp. Chief Executive Officer Jensen Huang called a global tech stocks selloff that began last week a buying opportunity, citing the early stages of the buildout of artificial intelligence (AI). The industry is still constructing infrastructure that will serve as the foundation of an AI-fueled future, according to Huang.

The global tech stocks selloff, which began last week, has continued into this week, with South Korea's benchmark Kospi Index tumbling on Monday after investors pulled back from AI bets that have fueled a bull market in global equities. Fears of overheating in the AI trade have cooled global tech stocks, with US peers tumbling on Friday on concerns over a possible rate hike.

Nvidia and SK Hynix Inc. announced a multi-year agreement to design future generations of memory chips for AI, a win for a South Korean leader vying with Samsung Electronics Co. in the red-hot arena. Stocks including SK Hynix pared losses after South Korean President Lee Jae Myung said he believed the domestic market remained undervalued.

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Nvidia's CEO has consistently argued that AI will revolutionize broad swaths of the global economy and transform the way people work and live. This will drive huge demand for the data centers — and chips — needed to power future AI services. Huang believes that AI will become infrastructure for the world, just like the internet was infrastructure for the world.

Note: Losses are based on Monday's market close.