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

Summary

Prime 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.