We need more energy.
That’s what NVIDIA Co-Founder, President, and CEO Jensen Huang said in a CNBC interview on CNBC’s Squawk Box on October 8.
“AI [Artificial Intelligence] is several things,” Huang stated in the CNBC interview.
“AI is energy, AI is chips, the models, and the applications … And we need more energy, we need more chips, we need better models and more models, and we need a lot more applications,” he added.
Also in the CNBC interview, Huang said he was “so happy that President Trump leaned into … pro energy growth, so that an entire industry above it could grow”.
“If you could just imagine, without President Trump’s pro energy policy, that entire layer above … energy would have been constrained,” he added in the interview.
Huang also highlighted in the CNBC interview that “China is well ahead of … [the U.S.] on energy” but said the U.S. is “way ahead on chips”.
NVIDIA is the world’s biggest company by market capitalization as of Friday, with a market cap of $4.6 trillion, according to a list of the largest companies by market cap on the companiesmarketcap website. As of Friday, the second highest ranked company on the list is Microsoft, with a market cap of $3.8 trillion, and the highest ranked oil and gas company on the list is Saudi Aramco, in eighth, with a market cap of $1.6 trillion.
The companiesmarketcap site notes that its largest companies by market cap list ranks the most valuable public companies. It adds that private companies are not included in its lists “as it is difficult to calculate their market value and know their financials”.
According to the Energy Institute’s (EI) latest statistical review of world energy, total global energy supply came in at 592.22 exajoules in 2024. This marked a 1.78 percent year on year increase, the review showed. From 2014 to 2024, total global energy supply increased by an average of 1.29 percent every year, the review outlined.
China had the highest energy supply figure last year, at 158.88 exajoules, according to the review, which pointed out that this represented 26.8 percent of the total global energy supply figure in 2024. China’s energy supply rose 2.4 percent year on year and increased by an average of 3.1 percent every year from 2014 to 2024, the review showed.
The U.S. had the second highest energy supply figure in 2024, at 91.83 exajoules, the EI report revealed. U.S. energy supply increased 0.4 percent year on year and declined by an average of 0.1 percent every year from 2014 to 2024, according to the EI’s latest review.
The EI’s statistical review of world energy pointed out that, in the review, “energy supply comprises commercially traded fuels, including modern renewables used to generate electricity”. Energy from non-fossil fuel combustible electricity generation is accounted for on their input heat requirements and non-combustible renewables on the energy content of their gross electrical output, the review states.
The U.S. Energy Information Administration (EIA) projected in its latest short term energy outlook (STEO), which was released on October 7, that total U.S. energy consumption will increase from 94.57 quadrillion British thermal units (qBtu) in 2024 to 95.76 qBtu in 2025 and 96.02 qBtu in 2026.
In its STEO, the EIA noted that the conversion from physical units to Btu is calculated using a subset of conversion factors used in the calculations of gross energy consumption in EIA’s Monthly Energy Review.
Donald J. Trump issued .
Under one executive order, which was posted on the White House website, Trump declared a national emergency, noting that the United States’ “insufficient energy production, transportation, refining, and generation constitutes an unusual and extraordinary threat”.
“The heads of executive departments and agencies shall identify and exercise any lawful emergency authorities available to them, as well as all other lawful authorities they may possess, to facilitate the identification, leasing, siting, production, transportation, refining, and generation of domestic energy resources, including, but not limited to, on federal lands,” Trump stated in the order.
Under a separate executive order, also posted on the White House website, Trump said “it is the policy of the United States … to encourage energy exploration and production on federal lands and waters, including on the outer continental shelf, in order to meet the needs of our citizens and solidify the United States as a global energy leader long into the future”.
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