Nvidia CEO projects 70% revenue growth next year

Speaking at the Goldman Sachs Communacopia + Technology conference, Nvidia CEO Jensen Huang reiterated that the chipmaker is on track to grow its revenue by 70% next year. With analysts expecting Nvidia to close its current fiscal year at approximately $400 billion in revenue, a 70% surge would push its top line to around $680 billion. Huang dismissed concerns about rising competition from startups like Cerebras and Etched, as well as custom silicon projects from tech giants like Amazon, Google, Microsoft, OpenAI, and Anthropic. He asserted that Nvidia remains the foundational platform for every major AI model.

To illustrate the scale of current demand, Huang noted that a single high-end system combining 36 Grace CPUs with 72 Blackwell GPUs is currently seeing 27% month-to-month sales growth. He also contrasted Nvidia's consumer roots with its current enterprise hardware. While a legacy consumer GPU cost $399, a modern AI-grade GPU system costs $8.5 million, utilizes NVLink to connect two million parts, and draws 250,000 kilowatts of power. Nvidia is shipping thousands of these systems globally, tracking data center power and physical shells worldwide to manage its supply chain.

Huang also defended Nvidia's venture investments against critics who compare them to the circular funding loops of the dot-com bust. He claimed that Nvidia only backs startups with verified customer contracts, stating he has seen $100 billion of such contracts. For AI practitioners and developers, Nvidia's projected growth and massive infrastructure footprint signal that the company's proprietary software and hardware ecosystem will remain the dominant environment for training and deploying models. Despite efforts by competitors to offer cheaper or more specialized chips, Nvidia's deep integration from memory suppliers to data center developers ensures its hardware will dictate AI development roadmaps for the foreseeable future.