Former US President Donald Trump has raised alarm bells about the soaring valuation of artificial intelligence giant Nvidia, suggesting the tech behemoth's dominance could precipitate a catastrophic market collapse.
Speaking at a private gathering with wealthy donors in Bangkok, Trump delivered a blistering critique of current economic policies, taking particular aim at Federal Reserve Chairman Jerome Powell and the Biden administration's handling of the nation's financial stability.
'A House of Cards': Trump's Dire Prediction
The Republican presumptive nominee expressed grave concerns about Nvidia's extraordinary market performance, implying the company's success might be creating unsustainable bubbles within the technology sector and broader markets.
"When you have a single company reaching such astronomical valuations," Trump reportedly told attendees, "you have to question the foundation upon which this growth is built. It could very well be the catalyst for a historic meltdown."
Federal Reserve in the Crosshairs
Trump didn't reserve his criticism for the tech sector alone. He launched a scathing attack on Federal Reserve Chair Jerome Powell, whom he previously appointed but now accuses of pursuing politically motivated policies.
"The Federal Reserve has become politicized beyond recognition," Trump asserted. "Jerome Powell is operating with one eye on the White House rather than focusing on sound monetary policy. This could have devastating consequences for our economy."
Bangkok Meeting Reveals Economic Strategy
The Bangkok gathering, part of Trump's international fundraising efforts, provided rare insight into the former president's economic priorities should he return to power. Donors heard detailed plans for addressing what Trump characterizes as "the greatest artificial bubble in our nation's history."
Trump's comments come amid growing concern among economists about concentration risk in technology stocks, particularly those driving the artificial intelligence revolution. Nvidia's chips have become the gold standard for AI applications, propelling the company to unprecedented market dominance.
Financial analysts are divided on Trump's assessment. Some echo his concerns about market overconcentration, while others argue that Nvidia's growth reflects genuine technological transformation rather than speculative excess.
The former president's warning adds to mounting scrutiny of both the Federal Reserve's independence and the sustainability of the current AI investment boom as the 2024 election approaches.
