President Donald Trump phoned Nvidia Chief Executive Jensen Huang live on stage Monday. He told a room of investors that fear of artificial intelligence (AI) is a hoax. Nvidia shares fell anyway.
The call came during the All-In Summit, a technology conference run by a group of Silicon Valley investors. It landed hours after chip stocks opened sharply lower.
Trump Turns a Phone Call Into AI Policy
Huang was midway through an on-stage interview when his phone rang. He put the president on speaker, and the audience heard the argument Trump has pushed for weeks.
“I’m telling you it’s all a hoax. The data centers are great. They make people wealthy. They make states wealthy. AI is bigger than the internet. These people are playing right into the hands of China. We’re not going to let that happen,” Donald Trump, President of the United States, speaking at the All-In Summit, via attendees.
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“You’re right, we’re not going to let that happen sir,” Huang answered.
That morning, Trump had already dismissed safety warnings on social media. He argued that a capable president is the only guardrail the technology needs. He has separately claimed sweeping power over AI companies.
Why Nvidia Shares Fell Anyway
The selling started long before the call. Nvidia traded near $211.81 on Monday afternoon, roughly 3% below Friday’s close of $218.29.
Intel dropped 7% and Advanced Micro Devices lost 6%. The iShares Semiconductor ETF, an exchange-traded fund tracking the sector, slid 6%.
Investors were pricing a weekend essay from Anthropic Chief Executive Dario Amodei. He urged developers to pace the next leap in model capability. Sam Altman and Elon Musk joined the rivals backing a slowdown.
BeInCrypto flagged on Saturday that Monday’s market open would test that pact. Chip stocks answered within minutes.
Not everyone reads the drop as real weakness. Investor Michael Burry says the slowdown push is hype tied to coming listings. Intel also fell hardest despite holding the least AI exposure. That pattern suggests crowded trades unwinding rather than shrinking demand.
Nvidia’s order book has not changed. What has changed is the distance between what the president says and what the market will pay for.