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But the overall picture is this: these companies will continue to grow faster than expected in calendar year 26 , and I'll give you two quick examples. Foxconn reported its results for the December quarter today. They are not only Nvidia customers, but also partners. They manufacture some of Nvidia's GPUs.
They grew by 22%. Wall Street expected 13%. That represents an 8% advantage in revenue. So that indicates that we're continuing in that high growth trend for a longer period. On the other hand, tonight at 4:00 PM Eastern Time, Jensen from Nvidia will give his keynote address at CES. The last time he gave a major speech was on October 28th.
He basically gave a projection that Wall Street puts at 50, excluding China and any new orders. Therefore, I suspect that Nvidia will likely grow by more than 65% this year. And finally, at 9:30 p.m. Eastern Time tonight, we'll have Sue from AMD. She will also be giving a speech at CES, and I expect her message to be quite straightforward: we are still in the early stages.
So, Becky, after analyzing all of this, I recognize that it seems like a very common strategy for continuing to be successful. I'm still betting on AI, but I'm optimistic that the numbers are still too low for this year. We're still at the beginning. Yes, Jean, regarding what you anticipate . Let's start with Nvidia.
You said Wall Street is at 50%. You expect 65% or even more this year. Do you think Jensen Huang will reveal it today, or do you think he'll be a bit more cautious in what he explains or describes, because those are pretty high expectations to meet? Well, 54% isn't high if you think they can grow more than 65%, and it's not high if you think we're still in an early stage.
No, no, but do you think he'll give any signs of that today? I understand that's what you're looking for, but do you think he'll actually say it today? Because much of what happens in the market has to do with expectations, exceeding them, being able to anticipate that things will be even better than what they have said so far.
Um, yes, thanks for that clarification. I think the conclusion is that I expect him to reiterate his comments from October 28th. We expect $500 billion in cumulative revenue from Blackwell and Rubin through the end of calendar year 26. That implies growth of 54%. I also think he will reiterate that this excludes any income from China and any additional reserves, which I believe will indicate that things remain strong.
And that's why I believe the exact details of their guide will mention this figure of 54%, but with potential for growth. And I think it comes down to the gap between what Wall Street is saying versus what Nvidia has been saying, and what we see in the market today from Foxconn; This gap gives us an idea of the apprehension that investors and analysts have about whether this bull market will continue.
But to answer your question, yes, I think today will be a good day for Nvidia. I think tomorrow will also be a good day, because I think Jensen's comments will continue to reiterate that they essentially cannot keep up with demand. But if you want to know what the main point is, it's Jensen Huang speaking tonight.
Hey, Nvidia. And outlining a vision of the next industrial revolution, a combination of accelerated computing and what I consider to be the stack. You'll hear more about the stack. And the stack means we're not a chip. We are software. Have we turned the page? Have we moved on from Venezuela and oil to...?
Well, I think it's good to do it because ...we're seeing a recovery today. Mike Brown, active risk, maybe Bitcoin is going up. Jensen bought a huge amount of high-bandwidth memory. They practically cornered most of it, and that's why Micron is constantly rising, because we're not manufacturing it fast enough.
I...I will return to Venezuela. If you want to talk about Halliburton, I like Halliburton here. No, no, no, no, I want you to stay on this because this is the market today and it's, you know, the second trading day of the year and it looks like we have an AI-related rally . The main CES keynote this afternoon, actually late this afternoon, which our very own John Fort will be covering, and I think it will be a very important presentation, and that's why I think Nvidia is already raising its prices.
AMD is speaking tonight, and I think that's something that's fundamental: the data center. The reality is that I think the last few months have been difficult for Nvidia. And perhaps we could be in a period where the skeptics retreat, given that China's demand for H2O is off the charts, possibly 50 billion, with ByteDance buying a huge percentage.
All the lies that were told about how China is not interested. Well, those people are going to get away with my new system, where I try to demand a little responsibility. Those who said that China wasn't interested. Well, maybe the RPC didn't lower them, but ByteDance took everything. We have some updates on the big names Amelia has today.
Goldman raises its target for Taiwan Semi by 35%. That's how it is. We have Foxconn reporting an incredibly high figure, which again reflects Nvidia's complex. And as I said, the key was whether the high-bandwidth memory that Mike Khouw accumulated was going to be the essential thing everyone needed.
And Nvidia saw a company. Now, David, what are your thoughts on OpenAI's IPO ? Uh, no, I'm not necessarily involved with the IPO. Well, if something should happen this year, I don't know, or maybe next year. As much as I'm trying to focus on, no, the current $100 billion fundraising that OpenAI is working on right now.
With a potential valuation of $750 billion. where I knew I would go. Trying to get more information about that, Jim, and do you want to talk to Shearfire? Should we talk to Shearfire? Yes, we should. Um, you know, Sam was in San Bartolomé. Sam Altman had some people talking to him. What's he doing? Having dinner?
along with everyone else, and seemed to be in a very good mood. There may have been a sense that they've made great progress. He was in the, um, yes, in fundraising, but I don't have specific details for you. Well, and I wonder if, with $100 billion being such a huge sum, it would include new money from Nvidia, remembering the $ 100 billion memorandum of understanding agreed upon in 2025.
Yes, we reported that. I guess it was a week ago that SoftBank completed its total, uh, its total fundraising is probably the most important thing that will happen in the first quarter, because it means you can buy Oracle, it means you can buy Vertiv, it means you can buy Nvidia. Yes. Very good, it's interesting that Nvidia and Alphabet Google are rivals.
Two rivals, because Google has spent a lot of money and has also developed a lot of high-bandwidth memory. But I would say that Nvidia is one to watch because it has underperformed last month and is going to start strong, and I think this revolutionary speech I will give tonight will quantify why accelerated computing is often left out of the equation.
JPM's TMT desk has some predictions about Nvidia for the year today. The transition to Pierre Ferragu is smooth and Chinese demand for H200 exceeds expectations. CPX demand exceeds $10 billion and margins remain at 70%. All of that would be good. You have to have that. It doesn't reflect that. I think it will have a great first quarter.
The price will drop when you see the figures at 41 now. Okay , I hope everyone is doing well today. At the time of recording this video, Jensen had not yet given his keynote address at CES. I'll try to post another video later today after his speech. So , stay tuned for that video later tonight. Very quickly, I want to cover some news we received earlier today.
First, Foxconn released its December 2025 monthly revenue report , showing that the company had a very strong fourth quarter as Blackwell Ultra production ramped up. In December, Foxconn saw revenue growth of 31.77% year-over-year. Looking at this chart, you can see that Foxconn's monthly revenue increased significantly starting in September 2025.
That's when Blackwell Ultra production began to increase substantially. And then, in the following months, we can see that Foxconn had a very strong fourth quarter. And according to Foxconn's Q1 outlook, they expect AI rack shipments to continue growing strongly in Q1 2026. That bodes very well for Nvidia.
Very briefly, I want to mention something important about OpenAI that is directly related to Nvidia. There has been much talk recently about OpenAI seeking to raise $100 billion in a funding round. I have no idea if that 's true or not, but that's what's been reported over the past few weeks. Now, if we receive news in the coming days that OpenAI has successfully raised $100 billion , then I expect we'll see very positive reactions in stocks like Nvidia, Oracle, and the AI complex in general.
If the reports are true and OpenAI manages to raise $100 billion, market participants' fears about whether OpenAI will be able to meet its spending commitments should dissipate, at least for a while. And we could see the group of OpenAI-related stocks trade higher . OpenAI's ability to fund its spending commitments and Oracle's debt burden are two key reasons why we saw stocks like Nvidia, Oracle, and many others in the AI ecosystem trade lower in November and December.
To be honest, I think the fears about OpenAI's ability to meet its spending commitments are somewhat exaggerated. We cannot ignore the fact that more than 10% of the world's population is already using ChatGPT. OpenAI will monetize that user base, which includes monetizing free users, similar to how companies like Google and Meta already monetize their free users on their platforms.
Furthermore, I expect OpenAI to go public at some point in the future, which will give them access to more capital. We must also remember that OpenAI's spending commitments are spread over several years. I think it's very plausible that OpenAI can meet most of its spending commitments. Building a large user base is the hard part.
Once you've built a large user base, monetization is the easy part . And OpenAI already has more than 10 % of the world's population using its platform. We cannot ignore this. Alright, Jensen's speech at CES begins today, Monday, January 5, at 1:00 p.m. Pacific Time, 4:00 p.m. Eastern time. Then, on Tuesday, we have two more events.
First, Nvidia will hold an informal chat with J.P. Morgan in the morning, starting at 8:00 a.m. Pacific Time , 11:00 a.m. Eastern time. Then, later on Tuesday, Jensen will speak again at Lenovo Tech World, starting at 5:00 p.m. Pacific Time, 8:00 p.m. Eastern time. It's important to remember that CES is geared toward consumers, not data centers.
Therefore, I would be surprised if Jensen makes any major revelations related to data centers in his CES speech, but I would be happy to be wrong. I expect there will be a lot of discussion on topics such as humanoid robotics, autonomous vehicles, AI-powered consumer devices, and more. That said , pay close attention to the informal chat with J.P.
Morgan on Tuesday morning, because I think that's where we could get important details related to .P. Morgan did not ask questions related to Nvidia's data center business, as it is by far Nvidia's largest business segment today. Tuesday morning's talk could have an impact on how Nvidia's stock price is trading in the short term.
So, get ready for that. Alright, that's all for today. I'll be brief. I'll try to post another video tonight after Jensen's speech at CES. So stay tuned for that video later today. . That said, I hope you on Nvidia in the comments. Please leave a " like" on this video so more people can they can always change their minds. Thanks for watching the video and I hope to see you in the next one.
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