Overview
Nvidia Corp. Chief Executive Jensen Huang told an audience at Stanford that people should not abandon California even though the state has some of the highest tax rates. "I say to everybody, 'Move to California. Don't leave. It's the highest taxes in the world, but it's OK,'" Huang said, adding simply, "The weather is great."
Event context
Huang spoke on Thursday at an event held at Stanford where he appeared alongside Congressman Ro Khanna and former national security adviser H.R. McMaster. The three discussed the United States' role in the artificial intelligence industry.
On taxes
The Nvidia CEO has previously said he is "perfectly fine" with any new taxes given his personal decision to reside in Silicon Valley. Those remarks came as a proposed California ballot initiative has drawn attention - the measure would impose a one-time 5% levy on net worth, with the stated purpose of addressing shortfalls in health care funding.
Political reaction and departures
Representative Khanna has faced criticism for his support of the proposed wealth tax in California. The proposal and related debate have coincided with a wave of relocations by some of the state's wealthiest residents. Recent departures include Google co-founders Sergey Brin and Larry Page. Peter Thiel said he is opening a Miami office for Thiel Capital, and venture capitalist David Sacks announced he has moved from California to Austin.
Implications highlighted
Huang's comments underscore a divergence of views among high-profile individuals: while some are choosing to leave or reduce their physical presence in California, Huang has publicly affirmed his preference to remain and his tolerance for potential tax changes.
Note - The article presents the statements and developments as reported at the event and in subsequent public announcements. It does not add information beyond those reported remarks and departures.