At the Goldman Sachs Communicopia + Technology conference, Jensen Huang doubled down on Nvidia’s revenue outlook, saying the company could grow 70% year over year next year. Analysts expect Nvidia to finish its current fiscal year around $400 billion in revenue, which would put 70% growth near $680 billion. Huang first gave that guidance last month alongside Nvidia’s latest record revenue quarter, and he repeated it on Thursday despite mounting competition from hyperscalers building their own chips, AI labs such as Anthropic and OpenAI, and rivals like Cerebras and Etched.

Huang argued that Nvidia is not just selling chips. “Most people think Nvidia builds a chip. I mean, you need airplanes to ship what we build,” he said, describing a modern GPU as an $8.5 million system with about 2 million parts and 250,000 kilowatts, all connected via NVLink, with thousands shipped. One product, a computer system combining 36 Grace CPUs with 72 Blackwell GPUs, is seeing 27% month-to-month sales growth.

He attributed his confidence to Nvidia’s position across the AI ecosystem. “Nvidia runs every model. Every single lab can use us,” he said, including models from Anthropic, OpenAI, Google, and open-weight offerings. He called Nvidia “a foundational platform of the AI ecosystem” and said the company tracks “every single gigawatt of land, power, shell around the world,” with neoclouds, OEMs, clouds, and AI-native companies reporting back. That visibility, he suggested, lets Nvidia see where the industry is heading.

Asked about so-called circular deals, in which Nvidia invests in companies that then buy its hardware, Huang joked that “it’s not circular because we put a little bit of money in, and a lot of money comes back.” He said Nvidia checks that companies have real revenue-generating contracts before investing and claimed he has seen $100 billion worth of such contracts. “I’m not taking any risks. … I need a sure thing,” he said.

The article also notes the long-term risk that big tech platforms eventually get disrupted. Huang himself acknowledged that much of AI’s growth currently comes from AI-native startups raising large sums and spending most of that cash on AI infrastructure. As the industry matures, companies may use infrastructure and tokens more efficiently. For now, Nvidia remains embedded across the AI stack and expects another year of strong growth.