Nvidia Corp. Chief Executive Officer Jensen Huang projected that Europe’s artificial-intelligence computing capacity will increase by a factor of ten over the next two years, with more than 20 so-called AI factories in the works.

Nvidia stock fell early Friday, mirroring losses in the broader market. Even so, momentum around artificial-intelligence stocks remains strong. CEO Jensen Huang this week announced a flurry of initiatives during his European tour that could strengthen the chip maker’s position in the long run.

Chipmaker Nvidia will exclude the Chinese market from its revenue and profit forecasts following the imposition of tough US restrictions on chip sales to China, its CEO said Thursday.

The chip designer pledged to build 20 AI factories on the continent, including a German facility in the works to be equipped with 10,000 GPUs.

NVIDIA Corporation NVDA showed off its AI market leadership and growing opportunities for sovereign AI at GTC Paris, an analyst said in a new investor note. The NVDA Analyst: JPMorgan analyst Harlan Sur maintained an Overweight rating on Nvidia with a $170 price target.

The chip giant and AI search startup are offering specialized AI models for European users, aiming to widen their reach in the region.

Jensen Huang, the global chip tycoon, offered his opinion on Wednesday: neither dystopia nor domination. AI, he said, is a tool for liberation. To continue reading, log in or subscribe.

The Nvidia CEO spent the week in London and Paris meeting world leaders and striking AI infrastructure deals.