&imwidth=800&imheight=600&format=webp&quality=medium "Nvidia CEO says AI boom is just starting, predicts multi-trillion dollar growth")
Nvidia CEO Jensen Huang has pushed back against fears that the artificial intelligence (AI) chip boom is losing momentum. Speaking after the company’s second-quarter results, Huang said AI spending will expand into a multi-trillion-dollar market within the next five years.
Despite this upbeat message, Nvidia shares slipped 1.56 per cent in premarket trading on Thursday as the company’s third-quarter forecast fell short of some investor expectations. The cautious outlook excluded any potential revenue from China, highlighting the ongoing uncertainty caused by trade restrictions between Washington and Beijing.
‘A new industrial revolution has started’
He told investors that AI is creating opportunities on a historic scale. “A new industrial revolution has started. The AI race is on,” he said, projecting $3 trillion to $4 trillion in AI infrastructure spending by the end of the decade.
He explained that data centres alone are expected to spend around $600 billion in 2025, with major buyers including Microsoft and Amazon. For a single $60 billion data centre project, Huang said Nvidia could supply as much as $35 billion worth of chips and systems.
“The buzz is: everything sold out,” Huang said, pointing to strong demand for its high-end Blackwell chips and even older Hopper processors, which remain in high demand.
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Balancing investor caution and AI optimism
While Huang’s forecast highlights Nvidia’s confidence, some investors remain wary. AI-related stocks have shown signs of slowing momentum, with OpenAI CEO Sam Altman recently warning that investors may be “overexcited” about AI.
Matt Orton, head of advisory solutions at Raymond James, said Nvidia still has durability in its growth story: “The mega caps are the ones propelling a lot of the capital spending that Nvidia is benefiting from. You’re not seeing any slowdown in Nvidia’s results.”
Portfolio manager Thomas Martin at Globalt Investments echoed this, noting that Nvidia’s order books for 2026 Blackwell chips are already full, showing how early the AI expansion still is.
China's question remains unanswered
Nvidia has not shipped its H20 reduced-capability chips to China in the latest quarter, even though a non-Chinese customer purchased $650 million worth of the same product. The lack of clarity over U.S.-China export rules continues to cast uncertainty on Nvidia’s growth potential in one of the world’s largest tech markets.
The company’s cautious Q3 revenue forecast has therefore raised some concerns, though analysts note that Nvidia’s dominance in AI chips gives it significant room to expand outside China.Nvidia has outperformed much of the broader market this year, even surpassing Apple in quarterly net income. With AI infrastructure spending accelerating, Huang believes the company is still in the “early stages” of a long-term cycle.
