Nvidia CEO Jensen Huang said on Tuesday local time that China's artificial intelligence market will likely reach about $50 billion in the next two to three years, and that missing out on it would be a "tremendous loss," the CNBC reported.
Huang said being able to sell into China would bring back revenue, taxes, and "create lots of jobs here in the United States." "We just have to stay agile," Huang told CNBC in an interview.
In late April, Huang said at a tech conference in Washington, D.C., that China is "not behind" the U.S. in artificial intelligence, and called the race in AI development a "long-term, infinite race," according to the CNBC.
His remarks came against the backdrop of the restrictions from the U.S. government on shipments of Nvidia's H20 chips to China without a license.
On April 15, the U.S. Commerce Department announced new export licensing requirements for Nvidia's H20, AMD's MI308 AI chips, and their equivalents destined for China.
Nvidia said it would take a $5.5 billion quarterly charge due to the restriction, the strongest sign so far that the company's historic growth could be slowed because of the U.S.-China trade tensions, according to CNBC.
Shares of Nvidia are down about 15 percent so far this year after almost tripling in 2023, the CNBC said.
Huang recently wrapped up his second visit to Beijing in three months.
During his visit to Beijing on April 17, Huang stated that the U.S. government's tightening of chip export controls has already had a significant impact on Nvidia's business. He was received by Ren Hongbin, chairman of the China Council for the Promotion of International Trade.
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