Nvidia stock was falling early on Monday. The chip maker looked to be weighed down by wider market moves and further reports of government pressure in China for local companies not to use its hardware.

The company is used to seeing high demand for its products, so it was noteworthy when in a recent CNBC interview, CEO Jensen Huang called demand for chips based on its new Blackwell architecture "insane." Let's take a closer look at Huang's comments and what it could mean for the stock.

The Gen AI boom, of course, quickly made Nvidia, which has added more than $2 trillion to its market cap in just over a year, one of the world’s largest companies. The stock accounted for roughly 30% of the S&P 500’s gains in the first half of the year, with shares up over 154% year to date.

Nvidia CEO Jensen Huang has described the demand for the company’s upcoming Blackwell artificial intelligence chip as “insane.” In an interview with CNBC’s “Closing Bell Overtime,” Huang noted that every major player in the AI space is eager to secure the chip,

Nvidia CEO Jensen Huang displays the new Blackwell GPU chip, left, and the Hopper GPU chip, right, in March 2024. Photographer: David Paul Morris/Bloomberg via "There