Nvidia CEO Jensen Huang doubles down on 70% growth forecast

Nvidia founder and CEO Jensen Huang reiterated on Thursday that his company’s AI-chip business will keep growing at a record pace, telling attendees at the Goldman Sachs Communacopia + Technology conference that revenue could rise 70% year over year. “I think we could grow 70% year over year. We’re confident about that,” Huang said, repeating guidance the company first gave last month alongside another record quarterly revenue report. Analysts expect Nvidia to close its current fiscal year at about $400 billion in revenue; 70% growth would put next year’s total around $680 billion.

Huang made his case by describing how far Nvidia’s hardware has evolved from its gaming-GPU roots: a single GPU that once cost $399 now costs $8.5 million, built from 2 million parts, drawing 250,000 kilowatts, and connected via NVLink — and Nvidia ships thousands of them. He added that orders for one product alone, a system combining 36 Grace CPUs with 72 Blackwell GPUs, are currently experiencing 27% month-to-month sales growth.

The confidence comes despite mounting competition. Hyperscalers Amazon, Microsoft, and Google are each building their own chips, as are AI labs Anthropic and OpenAI, alongside newly public rival Cerebras and startups such as Etched. Huang argued that Nvidia’s reach across the AI supply chain — from memory-chip suppliers to data center projects — gives it visibility competitors lack, saying the company tracks reports of land, power, and data center capacity from partners around the world.

That visibility extends to Nvidia’s so-called circular deals, in which it invests in companies that then buy its hardware — a practice that echoes internet-buildout suppliers, like Lucent Technologies, whose reliance on customer financing preceded their collapse. Huang dismissed the comparison, arguing the arrangement isn’t circular because Nvidia puts in a small amount of money and gets far more back, joking that he looks at the spreadsheet and sees $1 go in and $100 come back out. He said Nvidia only invests once it confirms a company has real, revenue-generating contracts, adding that he has seen $100 billion worth of such agreements.

Why it matters

Nvidia’s growth pitch rests on staying indispensable even as hyperscalers and AI labs build in-house alternatives; the 70% guidance signals it isn’t yet worried about losing that position. But Huang himself noted that much of the current spending is coming from AI-native startups burning through funding on their own infrastructure — a pattern likely to shift as the industry matures.