Nvidia founder and CEO Jensen Huang told attendees at the Goldman Sachs Communacopia + Technology conference on Thursday that he expects the company’s record revenue growth driven by AI to continue through the end of next year.
Huang argued that Nvidia’s role in the AI ecosystem gives it broad visibility into market trends. He emphasized that today’s Nvidia systems are far removed from the consumer GPUs the company originally popularized: “One GPU now is not $399. One GPU is $8.5 million. That’s one GPU, all connected with NVLink, 2 million parts, right? 250,000 kilowatts. That’s a GPU, and we ship thousands of them,” he said.
Competition and market context
Huang acknowledged increasing competition coming from multiple directions: hyperscalers such as Amazon, Microsoft and Google building their own chips; AI labs including Anthropic and OpenAI doing the same; the recently public competitor Cerebras; and startups like Etched.
He highlighted a specific high‑end system that combines 36 Grace CPUs with 72 Blackwell GPUs, noting that orders for that product are growing about 27% month‑over‑month.
Revenue outlook
Huang reiterated Nvidia’s guidance that revenue could rise about 70% year over year next fiscal year — an outlook the company first provided when it reported another record quarter last month. Analysts expect Nvidia to finish its current fiscal year with roughly $400 billion in revenue; 70% growth on that base would imply about $680 billion next year.
Foundational platform claim
The CEO said Nvidia “runs every model” and that nearly every lab, including Anthropic, OpenAI and Google as well as open‑weight model providers, can use its hardware. He described Nvidia as a foundational platform for the AI industry.
Supply chain visibility and data center tracking
Huang said Nvidia tracks suppliers, data center projects and startups across the globe: “We’re tracking every single gigawatt of land, power, shell around the world. Literally everything on the planet.” (Here, “shell” refers to a data center building before it is fitted with computing equipment.)
Circular deals and investments
His comments prompted questions about Nvidia’s so‑called circular deals, where the company invests in firms that then buy Nvidia products — arrangements that have contributed to troubles for some past large suppliers like Lucent Technologies.
Huang gave a pithy response: “Well, it’s not circular because we put a little bit of money in, and a lot of money comes back.” He joked, “I look at the spreadsheet, we put in $1 and $100 comes back in. Is that circular? If that is, let’s do more of that.” He also stressed that Nvidia requires potential investees to have real customer contracts that generate revenue before it invests; overall, he said he has seen about $100 billion worth of such contracts and is not taking risks without a ‘‘sure thing.’’
Challenges ahead
Huang conceded that much of AI’s current expansion is driven by AI‑native startups that raise large sums and spend heavily on their own AI usage. As the industry matures, companies are likely to become more efficient in their infrastructure and token usage. The broader point remains that large incumbents can be disrupted over time.
For the moment, however, Nvidia’s extensive presence across customers, suppliers and data center projects leads the company to expect another substantial year.
Key points
- Jensen Huang told the Goldman Sachs conference he believes Nvidia can grow revenue about 70% year over year next fiscal year.
- He described the scale of modern Nvidia GPU systems — citing an $8.5 million figure for a single GPU system and 250,000 kilowatts of power in that example.
- Sales for a 36 Grace CPU + 72 Blackwell GPU system are reportedly growing roughly 27% month over month.
- Huang addressed Nvidia’s investment practices, saying the company looks for existing revenue‑generating contracts and has observed about $100 billion of such contracts before making investments.
