Nvidia CEO Jensen Huang reiterates 70% revenue growth forecast for next year

TechCrunch AI reported that Huang used the appearance to address persistent questions about whether Nvidia's dominance can last amid competition from hyperscalers Amazon, Microsoft and Google, AI labs Anthropic and OpenAI, newly public Cerebras and startups such as Etched. Most of those competitors are developing their own GPUs or AI chips.

Huang rejected the idea that Nvidia is simply a chip company. "Most people think Nvidia builds a chip. I mean, you need airplanes to ship what we build," he said, according to TechCrunch AI. He described the scale of current systems: "One GPU now is not $399. It's $8.5 million dollars. 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 added that orders for one product, a computer system combining 36 Grace CPUs with 72 Blackwell GPUs, are growing 27% month over month.

Huang reiterated the 70% growth projection for next year. "I think we could grow 70% year over year. We're confident about that," he said. Analysts expect Nvidia to end its current fiscal year at about $400 billion in revenue, so 70% growth would imply roughly $680 billion next year, according to the report.

Huang said his confidence stems from Nvidia's reach across AI. "Nvidia runs every model. Every single lab can use us," he said, referring to models from Anthropic, OpenAI and Google as well as open-weight offerings. "We are a foundational platform of the AI ecosystem, foundational platform of the AI industry." He also said Nvidia tracks data center capacity worldwide. "We're tracking every single gigawatt of land, power, shell around the world. Literally everything on the planet," he said. He said partners including neoclouds, OEMs, clouds and AI native companies report back to Nvidia, giving it visibility into where infrastructure is being built.

The comments led to questions about Nvidia's so-called circular deals, in which it invests in companies that then buy its products. Huang disputed the characterization. "Well, it's not circular because we put a little bit of money in, and a lot of money comes back," he said. 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 said Nvidia requires real customer contracts before making investments and that he has seen $100 billion worth of such contracts. "I'm not taking any risks. … I need a sure thing," he said.

TechCrunch AI noted that Nvidia's long-term hold on AI remains uncertain. Huang acknowledged that much of AI's current growth comes from AI native startups raising large sums and spending most of that cash on their own AI use. As the industry matures, companies are expected to become more efficient in how they use infrastructure and tokens. For now, the report said, Nvidia has a hand in every part of the market and sees another year of strong demand.

Editor's Summary

Nvidia CEO Jensen Huang reiterated at a Goldman Sachs conference that the company could grow revenue by about 70% next year, citing its foundational role across AI models and data center build-outs. He dismissed concerns about competition and circular deals, saying Nvidia invests only where real contracts exist. The outlook points to continued dominance, though Huang acknowledged future efficiency gains could change AI infrastructure spending.