Nvidia Chief Financial Officer Colette Kress said on Tuesday that the world is only at the beginning of a massive, years-long shift toward AI-driven data-center infrastructure, pushing back against concerns that an “AI bubble” may be forming.

Speaking at the UBS Global Technology and Artificial Intelligence Conference, Kress noted that the majority of Nvidia’s newest AI chips are being deployed to build new data-center capacity rather than replace existing hardware. This shows that computing power is accumulating rapidly as companies expand their infrastructure specifically for AI workloads, she added.

“We are in the early stages of the global transition toward data-center infrastructure built for AI,” Kress said.

Kress reaffirmed Nvidia’s long-term outlook, reiterating the company’s previous forecast that worldwide AI investment could reach $3 trillion to $4 trillion by the end of 2030. Roughly half of that spending, she said, is expected to come from the industry’s shift away from traditional CPU-based systems toward accelerated computing architectures, a trend driven by the explosive growth of generative AI and large-scale model training.

The CFO’s comments come as Nvidia continues to dominate the AI-chip market and as demand for advanced processors fuels record revenues across the semiconductor sector.