Speaking at the Goldman Sachs Communicopia + Technology conference on Thursday, Nvidia founder and CEO Jensen Huang expressed strong confidence that the company’s AI-driven revenue growth will continue unabated. Huang predicted a 70% year-over-year increase in revenue for the upcoming fiscal year, a forecast initially provided during the company’s recent earnings report.
This outlook suggests Nvidia could reach approximately $680 billion in revenue, up from the roughly $400 billion analysts expect by the end of the current fiscal year. Huang highlighted that demand remains exceptionally high, noting that orders for the GB200 NVL72 system—which integrates 72 Blackwell GPUs with 36 Grace CPUs—are currently growing at a rate of 27% month over month.
Addressing concerns about increasing competition from hyperscalers like Amazon, Microsoft, and Google, as well as emerging players such as Cerebras and Etched, Huang emphasized the scale and complexity of Nvidia’s current hardware. He pointed out that modern GPUs are no longer the consumer products of the past but are instead multi-million-dollar systems. “One GPU now is not $399. It’s $8.5 million dollars,” Huang said, describing a unit connected via NVLink containing 2 million parts and requiring 250,000 kilowatts of power.
Huang argued that Nvidia is so deeply embedded in the AI industry that it can effectively predict market movements. He stated that Nvidia runs every major model, including those from Anthropic, OpenAI, and Google, positioning the company as a foundational platform for the entire AI ecosystem. He also revealed that Nvidia tracks every gigawatt of land, power, and data center construction globally, maintaining visibility into its extensive network of partners, OEMs, and neocloud providers.
When pressed about allegations of circular deals—where Nvidia invests in companies that subsequently purchase Nvidia products—Huang pushed back with characteristic humor. “It’s not circular because we put a little bit of money in, and a lot of money comes back,” he said, joking that if such a strategy were truly circular, the company would “do more of that,” citing a return of $100 for every $1 invested.
Despite the jokes, Huang insisted that the company exercises strict due diligence before investing. He claimed to have identified $100 billion worth of contracts with verified customer revenue, stating, “I’m not taking any risks. … I need a sure thing.” While acknowledging that the tech industry is prone to disruption and that future growth may shift toward more efficient infrastructure usage as startups mature, Huang maintains that Nvidia’s current position is unassailable.
$100 billion in verified contracts is impressive, but I wonder if those customer budgets hold up if big tech cuts capex next year.
70% growth sounds unsustainable. History says every AI bubble eventually deflates, no matter how many parts are in the GPU.