Jensen Huang pours cold water on an AI bubble, and says ‘Nvidia is unlike any other accelerator’ in the boom

Core Viewpoint - Nvidia CEO Jensen Huang asserts that the company is well-positioned to lead in the AI sector, dismissing concerns about an AI bubble and emphasizing the transformative nature of generative AI and the upcoming shifts towards agentic and physical AI [1]. Financial Performance - Nvidia reported a significant revenue increase to $57 billion, surpassing analyst expectations, with a 22% rise from the previous quarter and a 62% increase year-over-year [1]. - Data center revenue reached $51.2 billion, marking a 25% increase from the last quarter and a 66% increase year-over-year, reinforcing Nvidia's dominant position as a key supplier for hyperscalers [1]. Market Outlook - Nvidia's CFO Colette Kress indicated that the company anticipates benefiting from $3 trillion to $4 trillion in AI infrastructure spending by 2030, although access to the Chinese market is crucial for maintaining competitiveness [3]. - Kress noted that Nvidia's forecasts do not include revenue from China for the current quarter, consistent with the previous two quarters due to ongoing restrictions [3]. Industry Trends - Huang highlighted that the industry is experiencing three significant platform shifts simultaneously, which he argues counters the notion of current spending representing a bubble [5]. - He stated that this convergence of shifts is unprecedented since the inception of Moore's Law, which observes the doubling of chip power approximately every two years [5].