Nvidia's Huang Defends 70% Revenue Forecast as Rivals Close In

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Key takeaways

Huang reaffirmed 70% revenue growth forecast, projecting ~$680B in fiscal 2026 revenue
Nvidia controls GPU supply for OpenAI, Anthropic, Google, and most major AI labs globally
Competition from hyperscalers' custom chips and specialized startups remains significant threat to dominance

Nvidia CEO Jensen Huang doubled down on the company's bold forecast of 70% year-over-year revenue growth during Thursday's Goldman Sachs Communacopia conference, projecting revenues could reach approximately $680 billion next year. Huang emphasized Nvidia's entrenched position in AI development, claiming the company powers every major model from OpenAI, Anthropic, and Google. He highlighted the scale of modern Nvidia systems, noting that a single GPU now costs $8.5 million and weighs thousands of parts, requiring airplanes to ship inventory.

Despite mounting competition from Amazon, Microsoft, Google, and specialized AI chip startups, Huang argued Nvidia's comprehensive visibility into global data center expansion and AI deployment gives the company confidence in its projections. He defended Nvidia's investment strategy in AI-native companies, joking that putting in $1 to receive $100 in return hardly constitutes circular dealing. The company claims to track global power availability and data center buildouts, positioning itself as foundational infrastructure for the entire AI industry.

The bigger picture

Huang's confidence relies on Nvidia's current chokehold on GPU supply—but that moat is narrowing. Amazon, Microsoft, and Google are advancing custom silicon specifically designed to reduce reliance on Nvidia, while specialized competitors like Cerebras and Etched target niche workloads. The real test isn't whether Nvidia grows 70%; it's whether that growth rate sustains beyond 2025 as customers diversify suppliers and alternative architectures mature.

LagPing's take

We're tracking Nvidia's growth claims closely because they reveal how the company sees AI infrastructure evolving—and where its confidence is brittle. Huang's commentary about tracking global power and data center shells is intriguing; it also raises questions about market visibility and potential antitrust scrutiny we'll be watching.

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