Tech CEOs meet with Indian PM Modi: Here's what to know

CNBC Television

23 Sept 202406:50

Summary

TLDRPrime Minister Narendra Modi met with tech executives like Jensen Huang and Sundar Pichai, discussing India's potential in AI and tech investment. Modi's tech-savvy approach and India's large workforce attract companies. IBM's Krishna highlighted geopolitical cooperation and committed $20 million investment. Bio-tech discussions also took place. Concerns were raised about the CHIPS Act funding and potential foreign takeovers, emphasizing the need for competition to drive AI economics.

Takeaways

📉 The Dow is down 8 points, while the Nasdaq is up 42, reflecting a strong week for the three averages.
🤝 Indian Prime Minister Narendra Modi is meeting with top tech executives like Jensen Huang, Sundar Pichai, and Julie Sweet ahead of the U.N. General Assembly.
🌟 Tech companies, including Apple and Google, view India as a prime area for investment due to its large workforce.
🇮🇳 Jensen Huang praised Modi for his understanding of AI and his role in explaining AI to him, highlighting India's potential in the tech sector.
🚀 NVIDIA has been in India for 25 years with almost 10,000 engineers, emphasizing the company's long-standing commitment to the country.
💼 IBM's Krishna discussed the importance of cooperation with India for national security and economic benefits, committing to invest $20 million in India.
💊 Discussions were held with pharmacy CEOs on biotech and protections for U.S. companies operating in India.
💼 Steve Kovach questioned Huang about the Intel merger, to which Huang emphasized NVIDIA's control over the full stack of infrastructure.
🤔 There's skepticism about the Intel-Qualcomm deal, with concerns about the U.S. government's involvement and the potential for foreign ownership.
💵 The CHIPS Act money is seen as a bet on Intel's ability to manufacture chips, which some argue should be left to market competition.
🏛️ There's a debate about government involvement in picking winners in the tech industry, with some advocating for companies to drive their own growth and go public.

Q & A

What was the performance of the Dow and Nasdaq at the time of the report?
-The Dow was down by 8 points, while the Nasdaq was up by 42 points.
What significant event was happening during the week mentioned in the script?
-The U.N. General Assembly was taking place during the week.
Who did Indian Prime Minister Narendra Modi meet with?
-Prime Minister Modi met with several tech CEOs including Jensen Huang, Sundar Pichai, and Julie Sweet.
What is India's significance to tech companies like Apple and Google?
-Tech companies see India as a prime area due to its large workforce.
What did Jensen Huang praise Prime Minister Modi for?
-Jensen Huang praised Prime Minister Modi for understanding the importance of A.I.
How long has NVIDIA been in India and what is its presence there?
-NVIDIA has been in India for 25 years with centers in Bangalore and almost 10,000 engineers.
What did Krishna discuss regarding IBM's business in India?
-Krishna discussed the geopolitical lens and how cooperation with India strengthens both India and the U.S.
What commitment did Krishna make to India?
-Krishna committed to investing $20 million in India.
What discussions were held involving pharmacy CEOs?
-Discussions were held on bio-tech and protections for U.S. companies operating in India.
What was Huang's response to the Intel merger?
-Huang emphasized NVIDIA's approach to building the full stack of infrastructure, including chips, CPUs, and switches.
What is the potential issue with the CHIPS Act money mentioned in the script?
-The potential issue is that the money is intended for an American company, but there's concern that another company might take over and benefit from it.