Nvidia Corp. Chief Executive Officer Jensen Huang, the world’s ninth-richest person and head of the most valuable company, said he isn’t concerned about a billionaires tax under consideration in his home state of California.

Johnson Controls International Plc, which makes water-cooled chillers and similar systems, slid 6.2% in its worst day since July. Trane Technologies Plc fell 2.5%. It’s possible to cool racks with Nvidia’s next-generation Rubin chips using water at a temperature that does not require a water chiller,

Shares of U.S. heating, ventilation and air conditioning-related companies dropped on Tuesday after Nvidia CEO Jensen Huang said that the company's upcoming chips could significantly reduce cooling requirements in data centers.

The chips could make some cooling systems “not necessary” for data centers, Nvidia's CEO said. That could hurt demand for a major component of the facilities.

My expectation is that we’re not expecting any press releases or any large declarations,” Nvidia CEO Jensen Huang said

Nvidia CEO Jensen Huang announced the launch of AI models for autonomous vehicles and new chips during a presentation at the Consumer Electronics Show on Monday. Why it matters: The strategy underscores where the next wave of AI and computing is headed, given Nvidia's dominance in the chip market.

In a Q&A session for media and analysts, Nvidia CEO Jensen Huang sketched a vision of the future of video games—and it leans heavily on AI.

Nvidia CEO Jensen Huang said Monday (January 5) that the company’s next generation of chips is in “full production,” saying they can deliver five times the artificial-intelligence computing of the company’s previous silicon when serving up chatbots and other AI apps.