Tech CEOs meet with Indian PM Modi: Here's what to know
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.
Outlines
🌐 Tech Leaders Meet with Indian PM Modi
The script discusses a meeting between Indian Prime Minister Narendra Modi and top tech executives like Jensen Huang of NVIDIA and Sundar Pichai of Alphabet. Modi is praised for his understanding and enthusiasm for AI and technology. The executives highlight India's potential due to its large workforce. Jensen Huang discusses NVIDIA's 25-year presence in India and their 10,000 engineers there. IBM's Krishna speaks on business in India, emphasizing the geopolitical benefits of cooperation between India and the U.S., and commits to a $20 million investment. The conversation also touches on the Intel merger and the importance of competition in the AI space.
💼 Qualcomm's Expansion and CHIPS Act Concerns
The second paragraph delves into Qualcomm's potential to expand its PC footprint beyond AI, contrasting its mobile-first approach with Intel's struggles. There's a discussion about the CHIPS Act funding and the controversy surrounding it, particularly if the funds are used by a company that may be taken over by another entity. The conversation points out the risks of government involvement in business, the potential for loss of access to technology, and the debate over government picking winners in the tech industry. There's also a mention of regulatory disapproval of such deals and the contrasting views of figures like Lina Khan who prefers companies to go public on their own.
Mindmap
Keywords
💡Prime Minister Narendra Modi
💡Artificial Intelligence (A.I.)
💡NVIDIA
💡Bureaucratic red tape
💡Geopolitical lens
💡IBM
💡Chips Act
💡Jensen Huang
💡Intel merger
💡Full stack infrastructure
Highlights
The Dow is down 8 points, while the NASDAQ is up 42, following a strong week for the three averages.
Indian Prime Minister Narendra Modi met with top tech executives ahead of the U.N. General Assembly.
Tech CEOs such as Jensen Huang, Sundar Pichai, and Julie Sweet were among those present at the meeting.
Tech companies see India as a prime area for investment due to its large workforce.
Jensen Huang praised Modi for his understanding of the importance of AI.
Modi is described as an incredible student who loves technology and AI.
NVIDIA has been in India for 25 years with centers in Bangalore.
NVIDIA employs almost 10,000 engineers in India who do every aspect of engineering.
IBM's presence in India was discussed, with a focus on business operations.
Cooperation with India and the U.S. is seen as strengthening both nations.
Krishna of IBM is committed to investing $20 million in India.
Discussions were held on bio-tech and protections for U.S. companies operating in India.
Huang was asked about the Intel merger and responded by emphasizing NVIDIA's full stack approach.
The conversation touched on the potential implications of the Intel merger for NVIDIA.
The CHIPS Act money is seen as a bet on Intel's ability to manufacture chips.
There is skepticism about the U.S. government's involvement in picking winners in the tech industry.
The current regulation is not favorable towards tech mergers and acquisitions.
There is a debate on whether large investments should come with conditions like warrants.
Transcripts
SQUARE.
THE DOW IS DOWN 8 POINTS.
THE NASDAQ IS UP 42.
WE ARE COMING OFF A STRONG WEEK
FOR THE THREE AVERAGES.
>>> MEANTIME, THE INDIA PRIME
MINISTER MODI MEETING WITH THE
TOP TECH EXECUTIVES.
OUR OWN STEVE KOVACH WAS THERE.
HE JOINS US WITH SOME OF THE
HIGHLIGHTS.
GOOD MORNING, SIR.
>> GOOD MORNING.
LIKE YOU SAID, PRIME MINISTER
NARENDRA MODI MEETING WITH
SEVERAL TECH CEOS ON MONDAY
AHEAD OF THE U.N. GENERAL
ASSEMBLY GOING ON THIS WEEK.
AMONG THOSE WAS JENSEN HUANG AND
SUNDAR PICHAI AND JULIE SWEET.
YOU SEE TECH COMPANIES FROM
APPLE TO GOOGLE SEE INDIA AS A
PRIME AREA WITH THE LARGE WORK
FORCE.
I WAS ABLE TO CATCH UP WITH
HUANG AND KRISHNA.
HUANG PRAISING MODI FOR
UNDERSTANDING THE IMPORTANCE OF
A.I.
>> PRIME MINISTER MODI IS
INSPIRING.
EVERY TIME I'VE SEEN HIM, HE IS
SUCH AN INCREDIBLE STUDENT.
HE LOVES TECHNOLOGY.
HE LOVES ARTIFICIAL
INTELLIGENCE.
HE WAS ONE OF THE FIRST PEOPLE I
EVER EXPLAINED ARTIFICIAL
INTELLIGENCE TO.
THIS IS AN EXTRAORDINARY TIME
FOR HIM AND TIME FOR INDIA
BECAUSE IT'S A RESET OF THE
WHOLE COMPUTING STACK.
>> I ASKED IF HE DISCUSSED WITH
MODI CLEARING UP THE
BUREAUCRATIC RED TAPE THAT SOME
COMPANIES OFTEN COMPLAIN ABOUT
INVESTING IN INDIA.
TAKE A LISTEN.
>> I HAVEN'T EXPERIENCED THAT.
NVIDIA HAS BEEN IN INDIA FOR 25
YEARS.
OUR CENTERS ARE IN BANGALORE.
SOME ALMOST 10,000 NVIDIA
ENGINEERS ARE IN INDIA.
THEY DO EVERY ASPECT OF
ENGINEERING.
THEY HAVE BEEN PART OF OUR
COMPANY SINCE THE VERY, VERY
BEGINNING.
>> ANOTHER COMPANY WITH A
PRESENCE IN INDIVISIBLA IS IBM.
KRISHNA TALKED ABOUT THE
BUSINESS IN INDIA.
TAKE A LISTEN TO WHAT HE SAID
THERE.
>> COMPANIES ARE GOING TO DO
WHAT BENEFITS EACH COUNTRY.
YOU HAVE TO PUT THOSE THINGS A
LITTLE BIT TO THE SIDE AND SAY
IS IT ANY NATIONAL SECURITY
THREAT?
IF YOU LOOK AT THE GEOPOLITICAL
LENS, COOPERATION WITH INDIA AND
THE U.S. IS GOING TO BE
STRENGTHENING BOTH THESE NATIONS
TO THE POINT WHERE THEN YOU CAN
TAKE CARE OF ALL OF THE OTHER
SECONDARY ISSUES.
>> KRISHNA TOLD SEEMA MODY THAT
HE IS COMMITTED TO INVESTING $20
MILLION IN INDIA.
OF COURSE, BECAUSE PHARMACY CEOs
OF ELI LILLY WERE THERE,
DISCUSSIONS WERE HELD ON
BIO-TECH AND PROTECTIONS FOR
U.S. COMPANIES OPERATING IN
INDIA.
JUST AS A KICKER, I ASKED HUANG
ABOUT THE INTEL MERGER ON
FRIDAY.
HERE'S WHAT HE TOLD ME ABOUT
THAT.
>> WE'RE DOING IT OUR WAY, AS
YOU KNOW.
NVIDIA BUILDS THE FULL STACK OF
INFRASTRUCTURE.
WE BUILD EVERYTHING FROM CHIPS
TO THE STACK TO THE CPUs AND
SWITCHES.
WE WRITE AN ENORMOUS AMOUNT OF
SOFTWARE FROM ALGORITHMS AND
SOFTWARE AND SYSTEMS.
WE ARE CONTINUING TO MOVE
FORWARD.
>> I THINK THE IMPLICATION THERE
IS THEY CONTROL WHAT HUANG
CALLED FULL STOACK.
THE SOFTWARE AND HARDWARE PART.
>> STEVE, GOING TO THAT LAST
POINT ABOUT THE DEAL, DO YOU SEE
THE U.S. GOVERNMENT AND DO YOU
SEE -- IS THIS A GOOD DEAL?
IN SOME WAYS -- IF YOU GET
COMPETITION TO NVIDIA, THAT
WOULD BE A GOOD THING.
80% MARGIN IS GREAT FOR NVIDIA
AND JENSEN.
LONG
LONG-TERM, IF YOU WANT A.I. TO
HAVE TRUE ECONOMICS, THAT WILL
HAVE TO BE SLICED IN HALF, IT
NOT MORE SO.
THE ONLY WAY THAT WILL HAPPEN IS
COMPETITION.
THE QUESTION IS DO YOU WANT
COMPETITION BY A COMPANY OWNED
BY TAIWAN OR OUR ALLIES OR
SOMEBODY IN THE U.S.?
>> APRIL NDREW, I WAS LOOKING A
FROM THE PC SIDE.
THIS SUMMER, QUALCOMM PUT OUT
THE FIRST PC CHIPS THAT ARE
GOOD.
ON PAR WITH WHAT YOU SPECIAL.
BASED ON THE SAME TECHNOLOGY
WITH THOSE.
INTEL IS BEHIND ON THAT.
THAT'S WHY APPLE DITCHED INTEL.
THAT'S THE WAY QUALCOMM CAN
EXPAND THE PC FOOTPRINT MORE
THAN THE A.I. WE DON'T KNOW
WHERE IT IS.
QUALCOMM IS NOT NECESSARILY
PRODUCING THE CHIPS.
IT IS A MOBILE FIRST COMPANY.
>> THIS IS LIKE A BACK DOORWAY
OF GETTING CHIPS ACT MONEY.
WHAT COULD POSSIBLY HAPPEN?
I CAN'T IMAGINE PEOPLE IN
WASHINGTON ARE HAPPY WITH THIS.
SURE, NO PROBLEM.
WE'LL CHANGE THE NAME ON THE
CHECK WE'RE WRITING.
IT'S TAXPAYER DOLLARS.
>> THE CHIPS ACT MONEY IS A BET
ON THE PART OF THE BUSINESS THAT
INTEL HASN'T PROVEN IT CAN DO.
THE MAKING OF THE CHIPS.
>> THE IDEA TO SAY WE'RE DOING
THIS FOR AN AMERICAN COMPANY AND
AMERICAN TAX DOLLARS AND YYOU
PROMISED THIS AND SOME OTHER
COMPANY IS TAKING IT OVER FOR
THIS.
STILL, IT SEEMS LIKE THIS IS THE
PROBLEM WITH GOVERNMENTS REALLY
GETTING INVOLVED IN PICKING
WINNERS ON THIS STUFF.
YOU LOSE ACCESS.
>> WE KNOW THAT THE CURRENT
REGUL
REGULATION DOESN'T LIKE THESE
DEALS.
I KNOW YOU WERE TALKING ABOUT
LINA KHAN EARLIER.
SHE LIKES TO SEE THE COMPANIES
DRIVE ON THEIR OWN AND GO
PUBLIC.
I CAN SEE THAT ARGUMENT MADE.
IT IS PRELIMINARY.
>> I CAN UNDERSTAND IF YOU WANT
TO PUT A $5 BILLION INVESTMENT
IN IT, THAT WOULD BE LIKE A BIG
DEAL LIKE A WARREN BUFFETT THING
WHERE YOU GET WARRANTS
ALONGSIDE.
TO COME IN AND TAKE OVER AND DO
IT?
>> AND ACCEPT THAT MONEY AND ALL
THE STRINGS THAT COME ALONG WI
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