AI is a platform shift whose five layers demand the largest infrastructure buildout in human history.
Judge a job by purpose, not taskRadiologists and nurses kept growing because automating the task freed them for the purpose: caring for patients.
Every country should build AI infrastructureOpen models plus local language and culture let any nation train its own national intelligence rather than only importing AI.
Europe's opening is physical AIA strong industrial and manufacturing base plus deep sciences lets Europe leap past the software era straight into robotics.
Executive SummaryAI
Opening the Davos session, Larry notes that since its 1999 IPO NVIDIA has returned a compounded 37% to shareholders against BlackRock's 21% over the same period.
Jensen Wong argues AI is a platform shift on the scale of PCs, the internet and mobile cloud, because software is no longer pre-recorded and can now reason over unstructured images, text and sound from a prompt.
He describes AI industrially as a five-layer cake — energy, chips, cloud, models, applications — and points to TSMC's 20 new chip plants, 30 new computer plants with Foxconn, Wishtron and Quanta, and Micron's $200 billion US investment as evidence the lower layers are already being built.
On jobs, he uses radiology and nursing as real-world counterexamples: AI has fully permeated scan reading yet the number of radiologists has gone up, and with the US 5 million nurses short, tools from partner Abridge cut charting time so hospitals see more patients and hire more staff.
Asked about a bubble, he answers that NVIDIA GPUs are impossible to rent and spot prices are rising even for two-generation-old cards, while 2025 was the largest VC year in history at over $100 billion, mostly into AI-native companies.
Key Quote
“At the same time, BlackRock's annualized total return has been 21 percent.”
— Larry
Key Quote
“And so I sold NVIDIA stock at a valuation of $300 million.”