During Microsoft Corporation's (NASDAQ: MSFT) Ignite event, Nvidia Corporation's (NASDAQ: NVDA) CEO, Jensen Huang, commented about artificial intelligence and its scale.
What Happened: Huang first spoke about how Nvidia has partnered with Satya Nadella-led company on a variety of AI projects. He then spoke about generative AI, saying it is "the single most significant platform transition in computing history," reported The Verge.
He said, "In the last 40 years, nothing has been this big. It's bigger than PC, it's bigger than mobile, and it's gonna be bigger than the internet, by far."
Huang's Nvidia currently has an 80% market dominance in semiconductor chips that are vital for running AI applications. The company's potential remains strong, given the expanding Total Addressable Market or TAM resulting from the increased adoption of AI.
Moreover, thanks to the rapid growth in the realm of AI, Nvidia made $6 billion in pure profit earlier this year, the report noted.
Why It's Important: Huang isn't the only big tech mogul who has compared generative AI with the internet.
Earlier, Microsoft co-founder Bill Gates applauded OpenAI's AI-powered chatbot, ChatGPT, saying that it is as significant as the invention of the internet.
Gates' comments came in April. He also said at the time that until now, AI was only able to read and write. However, it can now understand the content.
"The new programs like ChatGPT will make many office jobs more efficient by helping to write invoices or letters. This will change our world," Gates stated.