At the firm’s annual shareholder conference, Nvidia chief executive officer Jen Hsun-Huang, answered persistent rumors that the company is working on a CPU to compete with AMD and Intel. However, Huang said that Nvidia “cannot add much value” in this market and there for “is not going into that business.”

The executive said that Nvidia will continue to focus on the GPU as “GPUs have become really, really valuable” and one of the most “important technologies in computing.”

He acknowledged that the widening role of the GPU may attract more competitors - among others, Intel has been rumored to be developing a high-performance graphics processor – but he said that Nvidia would “welcome” competition.