In an edited transcript of “The Ezra Klein Show,” Ezra Klein asks Nvidia chief executive Jensen Huang why he does not want people to fear A.I. Nvidia is now the largest company in the world, with $5.4 trillion in market capitalization. Since 2023, 15 cents of every dollar the American stock market has returned has come from Nvidia stock.

Huang says Nvidia’s chips, originally made for graphic processing and video games, made modern deep learning possible through parallel computing. He sees A.I. as a five-layer industrial system: energy and chips, A.I. factories, models, applications, and the services people use in industries such as legal, health, and manufacturing.

Klein interviewed Huang at Nvidia’s headquarters in Santa Clara, Calif. Huang sees safety as a solvable engineering problem and worries about direction without supporting new regulation. He argues that A.I. is not merely a software product but a production system, with applications that could affect every industry.