Jensen Huang

Jensen states we are in a "once in a generation infrastructure build-out." The Guest Investor notes that Nvidia is their largest public position and they want their net worth "levered against AI." Demand is stripping supply. Jensen notes a critical distinction from the Dot-com crash: there is no unused inventory ("dark GPUs"). Every GPU is rented, and demand is so high that even obsolete hardware (sold 6 years ago) is appreciating in value. "Demand is sky high." "100% of the GPUs are rented." Regulatory hurdles or a sudden ceiling in AI model scaling capabilities.

MediaTek is being selected as Nvidia's key SoC partner. Nvidia is integrating NVLink into MediaTek SoCs, expanding the work across multiple generations, making MediaTek processors the foundation of a new Microsoft Windows PC, and working with MediaTek in robotics and autonomous vehicles. This gives MediaTek a privileged position across AI compute from desktop to data center and automotive.

The semiconductor industry will need to be ten times larger than it is today over the next decade because computers will be used not only by people but by billions of AI agents and robots, driving exponential demand for chips and the entire supply chain.

SK Hynix will continue to be Nvidia's largest memory partner with billions in annual purchases growing substantially. The stock price dip is a buying opportunity given the bright future of AI.

Jensen Huang declares this is the golden ages for Korea, citing booming semiconductor and industrial businesses, the country's ability to help the world build AI infrastructure, rapid adoption of new technologies, and wide diffusion of AI throughout society. He announces multiple partnerships and investments, indicating strong economic momentum.

AI is becoming economic infrastructure rather than a device cycle. Countries need to invest in the AI stack—energy, chips, data centers and local AI capacity—to participate; buildout is tens of trillions, with about $1 trillion being invested in U.S. infrastructure this year and 100 GW planned by the end of the decade at $50-60B per GW.

Nvidia is investing $1 billion in Naver, Korea's leading cloud, to help scale up its AI cloud to 200MW, signaling strong growth prospects for Naver's cloud business and its role in the Korean AI ecosystem.

The Guest Investor defends the massive CapEx spending ($660B combined) by comparing it to Amazon investing in AWS in 2008. Jensen points to Meta specifically, noting their earnings have already moved because AI improved their ad targeting and recommendations. The market views high spending as "burning cash," but the speakers view it as "digging a gold mine." You must spend upfront to extract the gold (intelligence/tokens). Once built, these platforms will generate significantly higher cash flows, similar to how AWS became a profit engine for Amazon. Meta's earnings growth driven by AI recommender systems; AWS currently generating $30B/year in profit from investments made in 2008. If the "gold mine" is empty—meaning if AI applications do not generate the expected revenue to justify the upfront cost.

CrowdStrike's partnership with Nvidia uses Nvidia's open models, such as Nemotron, to create a frontier AI cybersecurity defender. Jensen says this is the first step and that more open-model cybersecurity collaborations are coming, positioning CrowdStrike as an early beneficiary.

Huang views India as one of the world's leading IT industries and sees this as the beginning of a new IT platform. He is excited for Indian companies and startups to use AI, contribute to it, and build a local AI economy.

Huang expects America to lead the AI industrial revolution by building the full stack, and notes Commerce Secretary Lutnick is supportive of building in the United States and proud of emerging US companies. This makes the US a favored geography for AI buildout.

AI is moving beyond software into agentic physical systems embodied in robots, self-driving vehicles, manufacturing arms, logistics/surgical robots and autonomous labs; this expands the AI opportunity to edge hardware, robotics and advanced manufacturing.

China will continue to be a leading AI innovator because it produces more AI researchers than the rest of the world combined, and despite different constraints it will advance alongside the US, making Chinese AI technology a strong long-term opportunity.

SK Telecom is becoming an AI cloud provider, with plans to build up to two gigawatts of capacity, and will purchase Nvidia supercomputers as part of the broad partnership, positioning it as a major beneficiary of AI infrastructure deployment.

Marvell (MRVL) will be the next trillion-dollar company, driven by its position in AI networking and chips. Jensen Huang's endorsement and NVIDIA's $2 billion stake underscore the potential.