Nvidia CEO Jensen Huang: AI has gone through a new inflection point

Jensen states AI is in a "third inflection point" driven by "Agentic AI" (agents that reason and act). He notes, "The amount of computing demand is off the charts" because these agents require significantly more processing power than simple chatbots. The market fears "peak AI spend," but Jensen argues the shift to *Agentic* workflows creates a new, higher baseline for compute intensity. If agents are now "doing work" rather than just answering questions, the inference cost per task increases, sustaining demand for NVDA's Blackwell and Rubin chips. LONG. The fundamental demand driver (Agentic AI) validates the rich valuation and continued growth. Regulatory crackdowns on AI agents or supply chain bottlenecks for new chips (Rubin).

Jensen mentions "OpenAI's Codex" and "Cloud Code" are doing "incredibly well in companies all over the world in software programming." Microsoft (via GitHub Copilot and OpenAI ownership) is the primary commercializer of OpenAI's Codex. Jensen confirms this specific use case (coding agents) is scaling globally in the enterprise, which directly drives MSFT's Azure and Copilot revenue. LONG. Confirms product-market fit for MSFT's AI coding tools. Enterprise churn or competition from open-source coding models.

Jensen explicitly highlights "Our big partnership with Lily [Eli Lilly]" and notes that "Scientific computing is being completely revolutionized by artificial intelligence." While most investors focus on AI for tech/coding, Jensen identifies BioTech/Pharma as a major growth vertical. LLY is using NVDA's platform to accelerate drug discovery. This validates LLY not just as a GLP-1 play, but as a tech-enabled pharma leader. LONG. LLY is the specific winner named in the "AI for Science" vertical. Clinical trial failures unrelated to AI efficiency.

Jensen states, "Car companies that are building autonomous vehicles... The robotaxi era is coming. And so there's a whole bunch of computing being built for that." Jensen confirms that massive compute clusters are currently being built specifically for AVs. This implies the technology is nearing deployment maturity. TSLA (Cybercab/FSD) and GOOGL (Waymo) are the leaders in this space. If NVDA is selling them the compute *now*, the rollout is imminent. LONG. A direct bet on the "Robotaxi era" Jensen predicts. Regulatory hurdles for Level 4/5 autonomy or safety accidents.