Jensen Huang explains why Nvidia will grow an astounding 70% next year

Nvidia CEO Jensen Huang told the Goldman Sachs Communacopia + Technology conference on September 10, 2026, that Nvidia could sustain record growth through next year. He reiterated that revenue may rise 70% year over year. Analysts expect Nvidia to generate approximately $400 billion in revenue during its current fiscal year. A 70% increase would imply roughly $680 billion next year, highlighting the scale of Huang’s outlook. Competition is intensifying. Amazon, Microsoft and Google are developing proprietary AI chips, while Anthropic and OpenAI are building internal capabilities. Public competitor Cerebras and startup Etched also pose challenges. Huang said Nvidia is more than a chip designer. The company’s GPUs, once primarily associated with PC gaming, now underpin large-scale AI systems. He said one GPU costs $8.5 million, contains 2 million parts connected through NVLink and requires 250,000 kilowatts; Nvidia ships thousands. A system combining 36 Grace CPUs and 72 Blackwell GPUs is generating 27% month-to-month sales growth. Huang’s confidence rests on Nvidia’s reach across AI. He said every model and lab can use its technology, including Anthropic, OpenAI and Google, along with open-weight offerings. Nvidia also tracks suppliers, memory-chip makers, data center projects, neoclouds, OEMs and AI-native companies, including gigawatts of land and power and data center shells worldwide. That visibility has raised questions about circular deals, in which Nvidia invests in companies that then buy its products. Huang said Nvidia requires real customer contracts before investing and has seen $100 billion of such contracts. He joked that investing $1 and receiving $100 is not circular. Risks remain. AI-native startups are raising substantial capital and spending it on infrastructure, but greater efficiency in infrastructure and token use could eventually reduce demand. Dominant technology platforms can also be disrupted.