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Throughout 2024, Jim Cramer of CNBC explored the rapid development of artificial intelligence through discussions with numerous CEOs in the tech industry. Here, we highlight the insights from five significant leaders regarding the remarkable surge of AI this year.
Nvidia’s CEO Jensen Huang emphasized that what he calls the “AI computing ramp” is merely at its inception, projecting a long journey of development ahead. In March, he articulated that investments in AI technology are still early-stage, forecasting years of extensive growth that could transform sectors like science and healthcare. Nvidia stands as a key player in this AI revolution, renowned for designing and selling high-performance technology vital for AI progression. The company’s dominance in GPU manufacturing has made it the primary provider for firms like Meta, Tesla, Microsoft, and Amazon, all of which have invested heavily in Nvidia’s offerings. Currently, Nvidia’s stock has seen a remarkable increase of over 176% this year, and it has recently surpassed Apple in market valuation at various points this year.
Meanwhile, CrowdStrike’s CEO George Kurtz pointed out the escalating sophistication of cybercrime. In his remarks from February, he discussed how advanced AI technology is empowering cybercriminals, creating a breeding ground for new attackers who can run complex operations with minimal skills. “The rise of generative AI is making advanced methods more accessible to less skilled hackers,” he noted, emphasizing the ongoing ‘AI battle’ in cybersecurity. CrowdStrike harnesses generative AI to bolster its defenses against these mounting threats, illustrating the dual-edge nature of AI technology—its potential to aid both progress and risk.
On the front of data analytics, Snowflake’s CEO Sridhar Ramaswamy, who took over in February, expressed that generative AI will keep him occupied for years. He elaborated on his ambition to harness new AI tools to democratize enterprise data access and improve user engagement with data systems. He perceives immense potential within the AI-powered applications related to data, asserting, “There’s a vast opportunity in data applications and AI that will keep me engaged for many years.” Ramaswamy has also hinted at collaborative projects with Nvidia, suggesting that Snowflake’s development pipeline, especially related to AI, is advancing rapidly.
Lisa Su, the CEO of AMD, commented on the significance of competition within the semiconductor industry in light of the dominance exhibited by Nvidia. During a September discussion, she claimed that a healthy technological ecosystem thrives on both competition and collaboration, implying that consumers benefit from having diverse, high-quality options. Su pointed out that there is no universal solution in computing; instead, tailored computing solutions are necessary for specific applications. She asserted that AI’s influence is just beginning to be felt, urging patience as technological advances typically unfold over years rather than months.
Lastly, Generac’s CEO Aaron Jagdfeld raised concerns regarding increasing pressure on the power grid due to the surging demand for AI-related technologies and data centers. He indicated that as technology evolves, particularly with regard to AI, the strain on energy infrastructure will escalate. Notably, 40% of Generac’s business is tied up in commercial and industrial products, supporting essential facilities such as manufacturing plants and hospitals. “This is a critical issue that is only going to intensify,” Jagdfeld cautioned.
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