Jensen Huang attends a reception for the 2025 Queen Elizabeth Prize for Engineering, astatine St James' Palace successful London, Brirain, Nov. 5, 2025.
Yui Mok | Via Reuters
Nvidia CEO Jensen Huang revealed successful October that his institution has $500 cardinal successful orders, successful 2025 and 2026 combined, for its chips that are astatine the bosom of the artificial quality boom.
For a institution that has seen its quarterly gross turn astir 600% implicit the past 4 years, Huang's connection was a motion that Nvidia is assured of different twelvemonth of beardown — but slowing — maturation for its adjacent rhythm of chips, implying that the AI roar inactive has country to run.
"This is however overmuch concern is connected the books. Half a trillion dollars worthy truthful far," Huang said astatine the company's GTC conference successful Washington.
Huang included 2025 gross truthful far, income of Nvidia's existent Blackwell graphics processing units and adjacent year's Rubin GPUs and besides related parts similar networking. After parsing done the details of Huang's remarks, analysts concluded that the connection signaled a meaningfully higher twelvemonth by gross successful 2026 than Wall Street had antecedently expected.
"NVDA's disclosures suggest wide upside to existent statement estimates," wrote Wolfe Research expert Chris Caso successful a November note. Caso estimated that Huang's information constituent suggested information halfway income that could beryllium $60 cardinal implicit anterior calendar 2026 estimates. He has the equivalent of a bargain standing connected the stock.
But Nvidia banal is trading 5% nether wherever it was erstwhile Huang called the company's changeable connected Oct. 28.
It's a reflection of the continued statement among investors astir the AI boom, and whether a fistful of large unreality companies called hyperscalers and AI labs are overspending connected infrastructure.
When Nvidia reports third-quarter net connected Wednesday, analysts polled by LSEG are expecting $1.25 successful net per stock connected $54.9 cardinal of sales, which would beryllium a 56% summation connected a year-over-year basis. They're besides looking for guidance successful the January 4th of $61.44 billion, which would bespeak a reacceleration of growth.
Nvidia doesn't supply much than 1 4th of forward-looking guidance astatine earnings. But thing Huang says astir the company's income backlog and outlook for calendar 2026 volition beryllium scrutinized not conscionable for Nvidia's outlook but besides that of the broader tech industry. Analysts polled by LSEG presently expect $286.7 cardinal successful income for Nvidia successful 2026.
'Insatiable AI appetite'
At the Washington conference, Huang said the institution has "visibility" into that revenue. That's not astonishing — Nvidia counts astir each multitrillion-dollar tech institution arsenic a customer, including Google, Amazon, Microsoft and Meta.
During October earnings, each of those companies said they were boosting their superior expenditure spending connected artificial quality infrastructure, which means Nvidia chips.
Hyperscalers' rising capex reflects "insatiable AI appetite," wrote Oppenheimer expert Rick Schafer successful a enactment earlier this month. He has a bargain standing connected Nvidia stock.
Nvidia has besides been an assertive dealmaker during the quarter, and analysts volition privation to perceive from Huang astir the details of these partnerships.
The biggest woody was Nvidia agreeing to put up to $10 cardinal successful OpenAI equity successful speech for the AI startup buying betwixt 4 cardinal and 5 cardinal GPUs implicit a play of years. Nvidia besides agreed to put $5 cardinal successful erstwhile rival Intel. That deal would spot the 2 chipmakers squad up to alteration Intel chips to enactment amended with Nvidia GPUs.
After the October 4th ended, Nvidia took a $1 cardinal stake successful Nokia to squad up to integrate its GPUs into cellular web hardware of the Finnish company. Nvidia besides continued investing successful assorted startups.
Citi expert Atif Malik said successful a November enactment that the woody with OpenAI, successful particular, volition beryllium an capitalist absorption connected Wednesday.
"Although concerns astir the premix of indebtedness and circular financing astir AI capex froth exist, we fundamentally spot AI proviso beneath demand," Malik wrote. He has the equivalent of a bargain standing connected the stock.
Nvidia has much than 90% of the marketplace for AI GPUs. But immoderate of its customers — including Amazon with its Tranium chips, Google with its TPU chips and OpenAI with forthcoming chips made successful concern with Broadcom — person promoted their customized semiconductors, application-specific integrated circuits, oregon ASICs, progressively implicit the past 3 months.
Huang often speaks mostly astir Nvidia's views connected net calls with analysts and could elaborate astir however the institution sees rising competition, which investors would welcome, according to Citi.
All of these projections are without immoderate China sales. The company's Chinese-oriented chip, called the H20, was efficaciously restricted from being exported earlier this twelvemonth earlier Huang made a woody with President Donald Trump in August to get export licenses successful speech for the authorities getting 15% of China sales.
But since then, Nvidia representatives person made gloomy comments astir the anticipation of important income to China, and the institution hasn't announced a successor spot to the H20, which is getting old by AI spot standards. Schafer, the Oppenheimer analyst, said helium believes China could correspond an implicit $50 cardinal yearly gross opportunity.
When asked by CNBC successful precocious October whether helium wants to merchantability existent Blackwell-generation chips to China, Huang said: "I anticipation so. But that's a determination for President Trump to make."
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