The question crossed my mind while listening to Chief Executive Jensen Huang speak during the earnings call following NVIDIA's blockbuster quarterly report yesterday. Throughout his presentation, Huang delivered his remarks in a measured tone, sticking strictly to facts, even as words like "extraordinary" punctuated his narrative repeatedly.
Yet the signal he sent was unmistakable: no matter how you examine this technological transformation, NVIDIA's fingerprints are everywhere. Of course, where this AI wave ultimately lands remains an open question. It's also worth noting that championing NVIDIA's central role in the AI infrastructure buildout serves Huang's own interests, as the company effectively acts as the invisible financier behind countless AI projects, having wagered enormous sums.
Even so, the confidence Huang projected is precisely the reassurance some investors have been searching for, especially those worried about the astronomical spending underway to construct computing infrastructure. Following the earnings release, NVIDIA's shares climbed nearly 5% in after-hours trading.
Huang described investments in companies like Anthropic and OpenAI as a once-in-a-generation opportunity. "My only regret is not betting earlier and bigger. Two of these companies are poised to go public soon, with more to follow. They will rank among the most influential enterprises in the history of human technology." Notably, these portfolio companies are also NVIDIA's customers. He added, "I am one hundred percent confident that for a long time to come, the vast majority of their computing needs will be met on the NVIDIA platform."
Huang repeatedly emphasized that the constraint on NVIDIA's growth is chip supply, not demand. The company projects 70% revenue growth for fiscal 2028. When asked what might happen if capacity were no longer a limitation, he responded, "If capacity were unconstrained, the market opportunity would be enormous. So our only task right now is to go all out expanding production." This rationale explains NVIDIA's deep integration across the entire AI supply chain, including data centers.
On the debate between closed-source and open-source AI models, Huang said NVIDIA wins on both fronts. "The world needs both closed and open models. Usage of both types is growing rapidly. Nearly all open-source models run on NVIDIA chips. That's because NVIDIA's reach across the global computing ecosystem is far ahead of anyone else." As for frontier model developers like Anthropic and OpenAI? "I'm quite certain that NVIDIA is the only computing platform capable of running every frontier model."