Key Takeaways
- During the All-In Summit in Los Angeles, President Trump unexpectedly phoned Nvidia CEO Jensen Huang live onstage, branding AI safety warnings as a “hoax”
- The president declared that robots won’t dominate humanity and likened data centers to “the oil of the next 20, 25 years”
- This incident occurred shortly after Anthropic’s CEO Dario Amodei published an essay advocating for slower AI development, backed by Sam Altman and Elon Musk
- The tech industry is experiencing a widening divide between deregulation advocates and experts highlighting genuine cybersecurity and biosecurity threats
- Despite semiconductor stocks tumbling, Mizuho analysts view the downturn as an attractive entry point, suggesting the decline in stocks like Micron and Broadcom appears excessive
In an unprecedented moment, President Donald Trump placed a call to Nvidia CEO Jensen Huang via speakerphone during Huang’s live presentation at the All-In Summit in Los Angeles on Monday.
An attendee captured the approximately five-minute conversation on video, which subsequently went viral across social platforms. Summit participants witnessed the entire unscripted dialogue as it unfolded.
During the conversation, Trump rejected growing concerns surrounding artificial intelligence safety. “The robots are not going to be taking over the world. That’s not going to happen,” the president stated emphatically.
He characterized data centers as equivalent to “the oil of the next 20, 25 years” and expressed his full support to Huang, saying, “I’m with you all the way.”
The president further connected resistance to AI advancement with geopolitical competition. He claimed detractors were “playing right into the hands” of China and hinted that some opposition might have political motivations.
Huang expressed alignment with Trump’s perspective. He maintained that American leadership in AI is achievable without compromising safety, while expressing skepticism about the scientific foundation of certain industry safety alerts.
Context: Tech Industry Fractures Over AI Policy
This phone conversation occurred mere days following the publication of an essay by Anthropic CEO Dario Amodei, in which he advocated for AI firms to decelerate their development timelines. Amodei highlighted concerns about recursive self-improvement and a recent AI agent mishap as evidence that the dangers have become too substantial to disregard.
Over the weekend, both OpenAI CEO Sam Altman and Elon Musk publicly indicated their support for Amodei’s recommendation to reduce the pace of AI development.
Their position placed them in direct opposition to Trump, Huang, and Meta’s Mark Zuckerberg, who contend that safety concerns are exaggerated and that excessive regulation would provide China with a strategic advantage.
Following his summit appearance, Trump took to Truth Social, branding himself the AI “Hoax Buster.” He characterized resistance to AI and data center expansion as “a SICK conspiracy” and specifically criticized Amodei.
Chip Stocks Tumble, Yet Analysts Identify Investment Opportunity
The controversy surrounding AI safety sent shockwaves through financial markets. The PHLX Semiconductor Index declined approximately 6%, dragging down numerous chip-sector equities.
Companies including Micron, Broadcom, Lam Research, and Dell experienced notable declines during the trading session.
Mizuho analysts challenged the market reaction. The investment firm characterized the selloff in AI-related semiconductor stocks as excessive and identified it as a strategic buying window.
Mizuho further noted that proposals to decelerate frontier AI research are unlikely to materially impact AI data center capital expenditure. The firm also contended that implementing regulation without international coordination could inadvertently benefit Chinese competitors.
All-In Summit co-host Chamath Palihapitiya captured the extraordinary nature of the event on X with a simple observation: “This was surreal.”
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