Jensen Huang

Jensen Huang says every large cloud, every neocloud, and every big manufacturer had already ordered, and so had the startups. NVIDIA looks out a year with most customers and two years with the largest ones, then ships less than they asked for. He published that fact so a customer would not have to guess whether they had been shorted. Almost every customer would buy more if he could deliver more. New orders still show up weekly, and some days daily.

Chips are not the only shortage. A couple of weeks ago NVIDIA announced two gigawatts in Australia, which he says is about 80 billion dollars, and land, power, and buildings are the limit he hopes to loosen on a coming trip to Europe. Substrates

Jensen Huang says the frontier labs are only part of NVIDIA's machines. He puts them at about a quarter of the compute, maybe 30 percent. About a third of the business is ordinary processing. Another third is what he calls cloud computing for the next generation: thousands of new companies renting NVIDIA computers the way an earlier wave rented AWS. Treating two labs as the whole infrastructure story, he says, is a mistake.

Open models are how those new companies start. Huang says 80 percent of the startups use them, not to fight the frontier labs, but to open a different market in physical artificial intelligence, manufacturing, or healthcare. Many customize an open model, including NVIDIA

Jensen Huang says NVIDIA's engineers and Elon Musk's team are designing a server that works in space and on Earth. Musk wants computing and physical buildouts in the same place, and Huang says nobody knows energy better. The case is not that a launch is cheap. NVIDIA's performance per unit of energy makes the return on the computer high enough that the launch cost is a small share of it. Low-cost computing does not belong in orbit. High-value computing does, and he calls this the highest-value system in the history of computing.

The machine also has to stay useful after it is up there. Huang says NVIDIA is the only hardware company that still ships new software, including new algorithms, fo

Jensen Huang says the last year unlocked knowledge, working memory, and tool use. Agents can now use the tools companies already run on, from Photoshop and AutoCAD to chip-design software, instead of inventing those tools again. Coding was the easy first job. He says a photo can already be turned into CAD so engineers can fine-tune it, and the same pattern is opening design, science, and other work. All of that happened while OpenAI and Anthropic each had only about two or three gigawatts of compute.

He expects the cost of intelligence to fall fast. More compute is arriving, and a smarter model is a more efficient one. He compares it to three decades in which computing cost dropped by a fac

Jensen Huang says five of the six people on the medal stage were born outside the United States. He received the National Medal of Science for NVIDIA. The company started with a graphics chip for gamers and has shipped 1.67 billion units. He calls it the only computing architecture in every cloud and every computer company, and the infrastructure that powers the intelligence of society.

His parents had 24 hours' notice. His father did not own a suit, so he bought one, and his mother bought a dress. Huang chartered a plane. President Trump walked his mother off the stage because she has a hard time walking. Huang remembers being about five, in Taiwan and about to move to Thailand, when his f

Jensen Huang says the world is running about a trillion dollars of information technology buildout each year. More gets built every year, and about every five years some equipment is depreciated, turned off, and taken offline, while some of it lasts longer. He ties the older world to a retrieval way of doing computation and a new way of doing computation. He says he predicted the path going out across three, four, and then five, and growth continues from there. If annual capacity building, infrastructure building, and refreshes of new and old machines run around $10 trillion, Jensen Huang is not even a little bit surprised.

A co-host tells listeners to think of about $4 trillion of annual s

Jensen Huang says specialization is the enemy of fungibility and the enemy of durability. NVIDIA stays general purpose so the infrastructure keeps that fungibility. The benefit is low risk, and low risk is what matters when the dollars are enormous.

The thought experiment is where to place a hundred billion dollars. A year ago the consensus forecast had NVIDIA flat or shrinking in 2027. The consensus forecast now says NVIDIA will grow 74%, and that earlier forecast was really wrong. Jensen Huang says he already explained the case. Building out 50 to a hundred billion dollars of infrastructure has to stay really good for a long time, no matter what.

Jensen Huang says that once NVIDIA proves

Jensen Huang says that as the decade ends, yearly infrastructure build-out will probably land between three and four trillion dollars, closer to four than to three. One and a half trillion of the yearly total is compute alone. A co-host says continued online shopping is a third of the build-out, tells Jensen Huang to take a third of his business to the bank, and says the share is beyond debate, so a third of the build-out is going to occur.

Compute was half a trillion dollars a year before artificial intelligence. Jensen Huang says that over six, seven, or eight years the half trillion became one and a half trillion because the world is consuming more compute. Moore's law is over. Waiting o

Jensen Huang says Nvidia's market share is still increasing even though the company is already large and the share was already very high. Nvidia offers much more per gigawatt than it used to, so a larger dollar share of the world's capital spending now lands with Nvidia.

Nvidia used to be a GPU company, then became the largest and fastest-growing networking company. Huang says Nvidia is now going to be one of the largest CPU companies and surely the fastest-growing one. Nvidia is in computing for storage, computing for the knowledge infrastructure, and security with OpenShell and Sentry. The offering into one gigawatt went from about 18 billion dollars per gigawatt, to 20-some-odd billion p

Jensen Huang says alignment is a forever problem. Safety that depends on perfect alignment never arrives. The answer is containment. Whenever a new artificial intelligence is tested, start at zero trust, give minimum boundaries and minimum rights, and expand the boundary only as tests build confidence.

The pattern matches raising a one year old and hiring an employee. A one year old goes in a playpen. A new hire starts at zero trust. Access to tools, information, responsibility, capabilities, funds, and resources follows the job. Very tight containment matters for any autonomous system. The second step is monitoring, and the monitoring has to be out of band. An intelligent system behaves di

Jensen Huang says building a physical artificial intelligence platform takes three computers and three complete stacks, and he says it takes three robots as well. His company builds a complete stack for each of them and is the only company in the world that does that.

One computer creates the brain, the training system. Labs are also going to build a digital twin of the internet so agents learn how to use the internet without being sent out onto it. Omniverse is the twin for the physical world, a digital twin of warehouses, buildings, cities, and the physical world. The robot goes into the twin. The digital twin learns how to be a robot, and the result is then deployed into the last compute

Jensen Huang says he understated the $100 billion figure. The first six months already produced $10 billion in physical artificial intelligence.

Physical artificial intelligence is artificial intelligence interacting with the physical world. Jensen Huang names photon-counting CT machines, ultrasounds, new imaging radars, and the next generation of 5G, a sensing network that understands radio waves and is going to understand signals of all kinds. He also names robotics, self-driving cars, manufacturing systems, visual inspections, and geospatial satellites that image the world and reconstruct it into 3D. Work runs across the electromagnetic spectrum, from visible bands to invisible ones. He

Jensen Huang says the hope of more free time is wrong. For most people, intelligence unlocks more opportunities, and ambitious people will pursue them. A father, a son, a husband, a wife, and a mother want more for their families. They have lacked the opportunity, and intelligence opens it.

In 1930, Keynes predicted that in 100 years the economy would grow 8 times and the work week would fall to 15 hours. The economy did grow 8 times, with massive abundance and productivity gains from the Industrial Revolution. The work week never fell to 15 hours.

Keynes got the human spirit wrong. Jensen Huang says work is purpose and discovery is purpose. He thinks both are deeply encoded in human DNA.

Ben Affleck says colluding to manage frontier spending downward creates a cartel. One of the four companies in a frantic race, already at a quadratically increasing spend for a smaller marginal improvement on each model, would feel great if rivals agreed to dump less money in.

He says any view should be heard critically, including the incentive behind it. The businesses have advertised that they must be in charge because the technology is so dangerous it could kill us all. Affleck says the danger pitch is a bad argument. He points to a company that named itself OpenAI to promise open models, then pivoted to a for-profit closed system. He says the pivot probably means the company cannot alwa

Bilal Zuberi says physical AI is the third bucket on the chart Jensen Huang put up in January 2025, next to AI and energetic AI. Jensen's picture is narrower, mostly robotics and autonomy. The Red Glass Ventures thesis is wider. It is AI and the physical world: the table, the glass, the food, the energy people use, the industrially made products, and defense.

Turner Novak asks what people get wrong when the investment is not software. Eighteen months earlier, when Bilal was telling limited partners he might raise a fund, many of them said they had never invested there. They called it capital intensive and said only a large fund could write big checks and hold the positions. That resistance

On Pirate Wires, Mike Solana and Liv Boeree open on a week of superintelligence news. The show says Donald Trump answered Bernie Sanders by signing an executive order that renamed artificial intelligence to superintelligence across federal departments, at a White House meeting the episode calls a morally binding pact for AI labs to police themselves. It places Elon Musk, Jensen Huang, Dario Amodei, and Mark Zuckerberg in the room. Solana describes Sanders's Stop Artificial Superintelligence Act as a pause on advanced AI, a permanent ban on superintelligence work, and prison for violators, plus only a soft maybe on withholding technology from countries trying to build it. He says Eliezer Yudk

Michael Lee says betting on exceptional people is the only thing that matters in private investing. If he ever went back into private markets, which he will not, he would look for exceptional people working on hard problems in big markets. Ideas are cheap and execution is really hard. Truly exceptional people always figure out how to make something work. He leaves open whether they do it by bringing someone on board who highlights a weakness, or by persisting until the right people support a plan everyone else calls crazy.

The greatest idea and the hottest traction over a short period are important signals, and early on the work is still a people business. Highly ambitious people on really

David Senra, reading Tae Kim's The Nvidia Way, says Jensen Huang would rather create a market than fight for share of one that already exists. At a Caltech commencement Huang described Nvidia's move into robotics: they decided to build something where they were sure there were no customers. Everybody laughed. He was serious. Where there are no customers, there are also no competitors.

The target is a market that barely exists, and might not exist at all, yet could one day be giant. Edwin Land, a hero of Steve Jobs, went after instant photography when there were no customers and therefore no competitors, because Land invented the market and built a monopoly. One result is pricing power.

Hua

David Senra, reading Tae Kim's The Nvidia Way, says Jensen Huang has no five-year plan because he treats strategy as action, not as words. Nvidia does not run a periodic planning cycle. The world is a living thing, so the company plans continuously.

The line is one of the favorites in the book, and it matches Henry Singleton. Senra came to Singleton because Charlie Munger called him the smartest person he ever met, and Warren Buffett said it is a crime that business schools do not study him. Singleton's plan was to stay flexible: come to work every day and steer the boat that day instead of planning far ahead.

Huang shares the stance. The same line is how Michael Bloomberg built his compan

David Senra, reading Tae Kim's The Nvidia Way, says Jensen Huang keeps 60 direct reports and does not hold one-on-one meetings. Huang designed Nvidia flat on purpose. When the company was small it was already bureaucratic and political, so he asked what organization he would build from scratch and chose a flatter one, where people act on their own.

A flat structure weeds out people who will not think for themselves or act without being told. Huang wanted a company that attracts remarkable people, and he treats slow decisions as a danger. Jeff Bezos warned that great people leave when they cannot get things done.

Huang describes the arrangement as the life he already lives. The people on hi