Trump Praises Nvidia CEO Jensen Huang At Saudi Summit: 'Tim Cook Isn't Here, But You Are' Controlling 99% Of The Chip Market: 'That's Not Easy To Beat'
President Donald Trump singled out Nvidia Corp. (NASDAQ:NVDA) CEO Jensen Huang for praise during a U.S.-Saudi Investment Forum on Tuesday, highlighting the chipmaker's planned $500 billion investment in U.S. artificial intelligence infrastructure.
What Happened: 'I see my friend is here, Jensen. [Apple Inc. CEO] Tim Cook isn't here, but you are,' Trump said at the Saudi summit. 'What a job you've done. He's got 99% of the chip market. That's not easy to beat.'
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Trump's comments came as part of a broader announcement of over $1 trillion in investments flowing into the United States. The president specifically acknowledged Huang's commitment to building AI infrastructure in America over the next four years.
'Thank you for the investment. We are proud to have you in our country,' Trump told Huang, who was present at the forum.
The praise follows Nvidia's April announcement of plans to partner with manufacturers including Foxconn, Wistron, TSMC, Amkor, and SPIL to establish production centers in Arizona and Texas. Production of Nvidia's Blackwell chips is already underway at TSMC's Phoenix facility.Why It Matters: The comments coincide with Nvidia's stock rally, which has driven the company back into the $3 trillion market cap club. Shares surged following Monday's de-escalation in U.S.-China trade tensions and Tuesday's announcement of a deal to supply 18,000 GB300 Blackwell chips to Saudi-based AI startup Humain.
Huang, whose net worth stood at approximately $114 billion on Tuesday, has seen his fortune increase 37% since early April lows following the 'Liberation Day' tariffs announcement.
The Nvidia investment was mentioned alongside other major U.S. commitments, including Apple Inc.'s (NASDAQ:AAPL) $500 billion investment and Taiwan Semiconductor Manufacturing Company's (NYSE:TSM) $200 billion investment.
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This article Trump Praises Nvidia CEO Jensen Huang At Saudi Summit: 'Tim Cook Isn't Here, But You Are' Controlling 99% Of The Chip Market: 'That's Not Easy To Beat' originally appeared on Benzinga.com
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