NVIDIA CEO Jensen Huang on Wednesday dismissed concerns about the end of the artificial intelligence chip spending boom and predicted that the AI chip market will expand to trillions of dollars over the next five years.

Huang sought to reassure investors who have been unsettled by signs of slowing growth at NVIDIA, which sits at the center of the AI investment frenzy.

The NVIDIA founder and CEO's optimistic outlook contrasts sharply with recent signs of fatigue in AI-related stocks and comments from industry leaders about excessive investor enthusiasm.

"A new industrial revolution has begun. The AI race has started," Huang said. "We expect AI infrastructure spending to reach $3 trillion to $4 trillion by the end of this decade."

Anticipated demand from major tech companies, hyperscale data center owners, and the Chinese market has driven up the chipmaker's stock price.

"The more you buy, the more you save," Huang said Wednesday. He argued that NVIDIA's technological advances enable customers to process increasing amounts of data while using less energy. "The situation right now is: everything is sold out."

Huang's predictions are partly based on his expectation that major customers like Microsoft and Amazon will spend $600 billion on data center capital expenditures this year.

For a $60 billion data center, NVIDIA can capture approximately $35 billion, he said.