Nvidia CEO Jensen Huang Targets 70% Revenue Growth to $680 Billion
Jensen Huang says Nvidia can grow revenue 70% to about $680 billion next year, citing AI demand, platform reach and $100 billion in customer contracts.
Summary
Nvidia founder and CEO Jensen Huang told the Goldman Sachs Communicopia + Technology conference on September 10, 2026, that revenue could grow 70% next year, repeating guidance issued alongside last month’s record quarter. Analysts expect about $400 billion this fiscal year, making the target roughly $680 billion. A system combining 36 Grace CPUs and 72 Blackwell GPUs is posting 27% month to month sales growth. Huang contrasted Nvidia’s former $399 gaming cards with what he now calls one GPU, an $8.5 million NVLink-connected system containing 2 million parts, consuming 250,000 kilowatts and shipping by the thousands.
Huang said Nvidia runs models from Anthropic, OpenAI and Google, alongside open-weight offerings, while its relationships with memory suppliers, neoclouds, OEMs, cloud providers, AI companies and data center developers provide visibility into land, power and building shells worldwide. Competition is intensifying as Amazon, Microsoft, Google, Anthropic and OpenAI develop chips, alongside Cerebras and Etched. Nvidia’s investments in companies that subsequently buy its hardware have also revived concerns about circular financing associated with suppliers such as Lucent Technologies. Huang said Nvidia verifies revenue-generating customer contracts before investing, has reviewed $100 billion of them and joked that every $1 invested returns $100. Longer term, demand could moderate as heavily funded AI startups mature and customers use infrastructure and tokens more efficiently.
Positives
- A 70% increase would lift Nvidia’s annual revenue from analysts’ projected $400 billion to roughly $680 billion next year.
- Sales of Nvidia’s 36 Grace CPU and 72 Blackwell GPU system are growing 27% month to month.
- $100 billion in customer contracts has been reviewed before Nvidia invests in companies purchasing its hardware.
- Nvidia supports Anthropic, OpenAI, Google and open-weight models, giving it broad exposure across the AI market.
- Thousands of $8.5 million NVLink-connected systems demonstrate Nvidia’s expansion beyond its former $399 consumer gaming cards.
Risks & concerns
- Amazon, Microsoft, Google, Anthropic and OpenAI are developing chips that could reduce their dependence on Nvidia.
- Cerebras and Etched add public-market and startup competition to Nvidia’s growing field of AI chip challengers.
- Nvidia investments in hardware customers raise circular financing concerns associated with the earlier collapse of suppliers including Lucent Technologies.
- AI demand relies heavily on startups raising large sums and spending much of that capital on their own computing needs.
- Greater efficiency in infrastructure and token usage could slow Nvidia’s long-term sales growth as the AI industry matures.