Nvidia's Huang Points to 70% Growth Next Year, Rejects Talk of 'Circular' Deals

Speaking Thursday at the Goldman Sachs Communacopia + Technology conference, Huang argued that Nvidia's AI-driven expansion will continue at a record pace through the end of next year, the same growth trajectory that has already reshaped the company's revenue base.

The bullish outlook comes amid persistent questions about how long Nvidia's run can last, with competition mounting from several directions. Cloud hyperscalers Amazon, Microsoft and Google are each developing their own silicon, as are AI labs Anthropic and OpenAI, while newly public Cerebras and startups such as Etched add further pressure on the GPU and AI chip market.

Huang countered that rivals underestimate the physical scale of what Nvidia now produces. He said most people still picture the company as a chipmaker, when its systems are so large they require aircraft to ship, and pointed to the transformation of its core product: a single GPU that once sold for $399 to PC gamers now costs $8.5 million when linked through NVLink, comprising roughly 2 million parts and drawing 250,000 kilowatts — and Nvidia ships them by the thousand.

He cited one system in particular, a computer that pairs 36 Grace CPUs with 72 Blackwell GPUs, saying orders for that single product are currently climbing 27% month over month.

Huang also insisted that Nvidia's agreements across the industry are not circular, addressing a recurring critique of the company's expanding web of partnerships. He did not confine his optimism to hardware already on the order book, according to his remarks at the event.