On October 6, during the “The Future of Global Markets in 2025” conference hosted by Citadel Securities at Casa Cipriani in New York, NVIDIA’s founder and CEO, Jensen Huang, engaged in a discussion with Konstantin Bühler, a partner at Sequoia Capital. The conversation centered on artificial intelligence (AI) and the next wave of growth opportunities. Huang revealed that, as a result of the U.S. government’s export restrictions, NVIDIA’s share of China’s AI chip market has plummeted from 95% to virtually zero.

He underscored that measures which negatively impact China often backfire on the United States, sometimes causing even greater harm. Huang expressed his belief that AI will foster the emergence of two new trillion-dollar markets: digital labor (Agentic AI), which includes roles such as AI software engineers and AI lawyers—essentially, “digital humans”; and physical AI (robotics), a category encompassing a wide range of AI-driven “embodied” robots, from autonomous vehicles to humanoid robots.

Huang also highlighted that the future of computing will be entirely generative in nature, with all content being intelligently created in real-time. As a result, he predicted that AI factories will become essential infrastructure for this new era.