How five top CEOs described the AI boom in 2024

Throughout 2024, CNBC’s Jim Cramer discussed the seemingly limitless rise of artificial intelligence with dozens of tech CEOs. Here’s how five top business leaders characterized the meteoric rise of AI this year.

1. Nvidia CEO Jensen Huang said the “AI computing ramp” is just beginning and will last for years.

   In March, Huang painted a picture of the AI ​​landscape, saying investments in the new technology were still in their early stages. He predicts years of growth ahead and suggests that AI can drive innovation in various fields, including science and healthcare.

   Nvidia is a titan of the AI ​​revolution because it designs and sells advanced technologies that are essential to technology. The company is the leading provider of GPUs, used to develop and implement new AI software like OpenAI’s ChatGPT. Big Tech is heavily clamoring for Nvidia’s products, with customers such as Meta, Tesla, Microsoft And Amazon spend billions. Nvidia stock is currently up more than 176% year to date, and at times this year it has surpassed Apple become the most valuable company on the market.

2. Crowd strike CEO George Kurtz said cybercriminals are advancing: “This will be the AI ​​battle of the future. »

   Kurtz described in February how his cybersecurity company is fighting cybercrime that is “more active than ever” as the number of hackers increases and becomes more advanced with new AI technology in their arsenals. He said generative AI democratizes “very esoteric techniques and attacks,” so less skilled cybercriminals can still carry out advanced attacks.

   “What we talked about on the earnings call was the ability to create more adversaries with lower skill levels, but operating at a much higher skill level, leveraging AI generative,” Kurtz said. “Of course, on the security side, we leverage generative artificial intelligence. AI has to help us protect our customers, so that will be the AI ​​battle going forward.”

3. Snowflake CEO Sridhar Ramaswamy said generative AI will keep him “busy for many years.”

   Ramaswamy took the reins at Snowflake in February and outlined how the data analytics software maker plans to use new AI technology.

   “We have so much ambition to do more, whether it’s applications running on Snowflake or, of course, using the power of generative AI, which is what I’ve been focused on for the year last year, to democratize access to enterprise data, so that even more people can quickly access and benefit from data,” Ramaswamy said. “So I think there is a huge opportunity in the world of data applications and AI that will keep me busy for many years to come.”

   Snowflake has collaborated with Nvidia, and in May, Ramaswamy announced a new project with the AI ​​darling. According to him, Snowflake’s product portfolio, “especially in the area of ​​AI, is growing.”

4. AMD CEO Lisa Su described the competition with Nvidia: “There is no one-size-fits-all solution in computing. »

   Although Nvidia leads the pack in the hot sector of semiconductor design, competition is stiff, with companies like AMD and Intel vying for customers willing to pay a high price. But in September, when asked about competition with Nvidia, Su suggested there was room for more than one major player in the industry. According to her, the “technology ecosystem” works well when there is competition and partnership, and customers want to be able to choose between several solid options.

   “The way to think about it is that there is no one-size-fits-all solution when it comes to IT,” Su said. “There’s not, you know, one architecture. In fact, you’ll need the right compute for each application.”

   Su said she believes “AI will impact everyone’s lives” and that the world is just beginning to realize what the new technology can do. She also said that people should not be impatient with the impact of AI because “technology trends are meant to manifest themselves over years, not months.”

5. Générac CEO Aaron Jagdfeld said pressure on the power grid “will only get worse” due to weather and technology.

   Jagdgeld warned that pressure on the power grid will only increase as demand for data centers and other artificial intelligence-related technologies continues to grow. 40% of the power generation company’s business comes from commercial and industrial type products, he said, such as backing up manufacturing plants, distribution centers, hospitals and data centers .

   “This has become an extremely critical point of discussion,” Jagdfeld said. “It’s only going to get worse.”

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Disclaimer The CNBC Investing Club Charitable Trust owns shares of Nvidia, AMD and CrowdStrike.