"The amount of money being thrown around is mind-boggling," Schmidt told students. "I'm talking to the big companies, and the big companies are telling me that they need $10 billion, $20 billion, $50 billion, $100 billion."
Schmidt noted that OpenAI chief executive Sam Altman even believes it will take $300 billion to develop artificial general intelligence, a machine capable of reasoning on its own. "If $300 billion is all going to Nvidia, you know what to do in the stock market," Schmidt quipped.
Even though the easy money might have already been made, in his opinion, there's still plenty of upside potential in the space, particularly for Nvidia, whose head start in graphic processing units gives it an enormous lead.
Nvidia shares have been the primary beneficiary of the AI gold rush, nearly tripling this year to hit $135 by mid-July, driven in part by debt-funded "carry" trades.
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