Jensen Huang | Does AI Revenue Justify Capex, '27 AI Bottlenecks, Singularity, Open vs Closed & more

Huang argues NVIDIA's compute demand is diversified across many labs and startups, not reliant on OpenAI/Anthropic revenue growth alone.

• Three-tier demand structure: Jensen Huang says NVIDIA's compute business splits roughly into thirds — classical computing/simulation (growing 30-40%/yr), ~25-30% Frontier Labs (now 5-6 labs: OpenAI, Anthropic, Meta, Google, Grok), and ~a third thousands of new startups renting via neoclouds, warning 'we're putting way too much pressure on two labs.'
• $4T infrastructure spend by decade-end: Huang reiterates his prior forecast of $3-4T annual global infrastructure build-out, with compute alone at $1.5T, driven by Moore's Law ending (2x transistors now costs 2x, not same price).

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