저자: DanIves · 외국인
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CES 2026 엔비디아 기조연설 전후 방송. Dan Ives는 로보틱스·자율주행이 엔비디아 주가에 미반영된 다음 성장축이며 AI 수요가 공급을 크게 웃돈다고 주장, 주당 40~50달러 추가 상승 여력을 제시. 엔비디아 실적 추정치가 과소평가됐다고 봄. 다른 출연자/리포터는 기조연설 내용 전달 위주. 후반부 영상 설명자(채널 운영자 추정)는 베라 루빈 본격 양산, 폭스콘 매출 급증, 2월 실적 가이던스 긍정 전망, 피지컬 AI 장기 성장을 강조.
다듬은 글
In less than one hour, Nvidia CEO Jensen Wong takes the stage at CES for his closely watched keynote address. Wed Bush's Dan Ives joins us now with what we might hear. It's good to see you. You are there as one would expect you to be. What's he going to say today? Look, I mean there's only one godfather of AI, right?
And it's Jensen. I think he's going to lay out specifically around robotics autonomous. Look, this is the next chapter of AI that I think Jensen's going to talk about and obviously I think he's also going to hit on just the demand that he's seeing and no one has a better vantage point. And Scott, I think really what it does this kicks off the next sort of layer of the AI revolution when it comes to robotics, autonomous.
I think that's something that is not factored into Nvidia stock and I don't think it's factored in to all these other tech names, Qualcomm among others. So, so he's ready to move on, you think, to AI 2.0, if you will, where where we move past all of the talk specifically about that company's chips and about how they can better be utilized in the areas that you're talking about.
Yeah, I think this is really him planting the flag, showing that Nvidia, it's not just about chips, the 12:1 demand that we've seen obviously fueling the AI revolution. and showing that they're going to be endto end when it comes to robotics. They're going to be such a huge player when it comes to autonomous.
And like we've talked about for Tesla, this is the year of autonomous. It's the year of robotics. And I think it all starts with Jensen because no one has a better vantage point. I think what he lays out here is really going to dictate strategically what we see on the consumer AI revolution that hasn't even started yet.
Now, why has the stock been a sideways trader of late if if everything is so bullish from even here forward? Yeah, I think to some extent I think it's investors thinking that, you know, numbers will beat the street but not by a lot. What's the excitement? You know, has it all sort of been in the rearview mirror?
I Scott, I think this is this is $250 stock like to me the demand and what they're going to show in their next quarter. We we talk about 12 to1 demand supply what when you think about the autonomous and robotics revolution what that's going to mean to Nvidia I think that alone is going to add $40 to $50 a share and I think this is one where investors they're they're kind of yawning at what Nvidia stocks doing right here and I think we sit here 6 n months from now I think it's going to be it's a table pounder opportunity to own Nvidia to own Microsoft to obviously to own names like Oracle as well.
Well, hold on one second because I'll get to some of these other names, but you raised an interesting question uh or maybe a problem in some in some respects. Uh how high is the bar now? And is the bar now viewed to be increasingly high? Arguably to the point where they can't meet whatever expectations we now have for this company and that ultimately is going to cause some sort of correction even further in the stock.
Yeah, it's a great point. I think at 225 230 maybe I'd say that here I actually disagree. I think I think investors are underestimating what the demand's going to look like for Nvidia in terms of the next year. I think look I think street numbers are underestimating by 15 20%. Next 12 to 18 months and I think it's the ripple effect for every dollar spent on Nvidia chip there's an 8 to10 multiplier across the rest of tech.
That's why we've said I mean it's top of the third inning in a nine inning game one out in terms of where we stand. That's why this tech bull market's going to continue to play out. It all starts with the Godfather right now. Back. Nvidia making news at the Consumer Electronics Show. John Fort is there and he joins us with the details.
Hi John. Hey Morgan. Yeah, Jensen Hong is on stage right now at the Font and Blue as part of Nvidia's big presentation here. It's a big CES because yes, everybody's talking about AI and Nvidia is at the center of it. But now there's a push into more physical manifestations of AI. That's what he was just talking about.
Physical AI. That's not just robots. It's not just cars. It's physics in AI. And uh Nvidia has some new innovations talking about there particularly around reasoning. Uh the ability for these systems to make decisions, different kinds of decisions in real time. He also talked a lot about open models and how that's driving the industry forward.
We'll have to listen for what more he has to say about the infrastructure piece, that core of Nvidia's business and the next generation of Nvidia systems. We expect to hear a little bit more about that, but that's coming up. And then he'll be sitting down uh with me here exclusively on CNBC for more.
Of course, we'll have questions about Grock as well, that major, we won't call it an acquisition. Uh it's a it's a licensing deal that uh he got done just in anyway just a few days ago. 20 shares of Nvidia down just a fraction of a percent after hours the CEO Jensen Hang delivers his keynote address at CES.
CNBC's John Ford has the highlights from Las Vegas. Hey John. Hey Melissa. Well the bad news is Jensen just got off the stage literally 90 seconds ago. So he's not going to make it up here a couple floors from the stairs in time for Fast Money. But I will be taping with him. And we'll have that on CNBC tomorrow.
The big news out of his talk, I believe, is Vera Rubin. Now, we had been expecting this next generation of Nvidia technology. They had talked about it a bit, but there's some major updates here, including that all six chips that are a piece of this are now in full production. They're giving some benchmark stacks on how they're running, and the partner systems are arriving in the second half of this year.
and a little bit of that detail uh that they're saying 10 times lower inference token cost versus Blackwell. It's a fancy way of saying the price performance is a whole lot better than the current generation. And the argument is yeah, this might be expensive, but it's premium and the bang that you get for the buck is going to be that much better than the existing systems.
talked to Jensen before about how they've made these systems kind of backward compatible, so it's relatively easy to swap in the latest generation for the old one. As a matter of fact, I was talking with one of Nvidia's partners earlier today, uh the CEO of Runway, which does a high-end AI video. He was saying they were able to swap from a previous generation of Nvidia into their test with Vera Rubin in a day and get that price performance benefit.
he was singing its praises there in partnership with Nvidia. But this is Nvidia's uh push and attempt to tell the ecosystem we're still innovating. We're staying ahead of competitors not just on performance, but they will argue on efficiency as well. Melissa, and you'll hear a lot more from Jensen, the conversation that we're going to have tomorrow morning on Squadbox.
John, they also [clears throat] announced a move into autonomous driving software. Can you sort of elaborate on that and whether or not that was already sort of expected in the works? um you know in in the plan here or is this a brand new endeavor? Well, Nvidia's got a long legacy with uh autonomous driving and with next generation cars.
So, this is building on that where they've got new reasoning capabilities inside of the system that they're delivering for that. Now, when I was talking to the Nvidia folks about this, the example I gave was, oh, like when we had that uh blackout, that outage in San Francisco, the Whimo cars had some trouble knowing what to do when there's no traffic lights.
This is the car that's equipped with this technology, will have the ability to make some decisions, not just follow traffic light based rules that it's been given. And that is the idea, but they were kind of like, hey, you said that, we didn't say it. We're not comparing it to Whimo. But that's why potentially you want your car to be able to reason if there's a situation that's not in the manual that you need to navigate through.
I'm just curious also, Johnny, because after the keynote, um, Jensen took some questions. What was what were the what was the tone of the questions? I'm wondering what's the audience was. What was sort of revealed in in in the the thinking of the audience? Well, as you mentioned it, so the the keynote just ended.
He's coming up here and right over here about 50 ft to my right. He's going to meet with some analysts. That's where we expect more of those in-depth questions and then I'm talking to him after that. So, I have the benefit of hearing some of those questions and of course I've got my own. Do you think he'll unveil the price of the new chip versus the price of the old?
I didn't hear the price. Um, but I I'm not sure I can count that high either. Okay, John, thank you. Great to see you. John Port out at uh CES in Las Vegas. You're about to speak to Jensen Huang. You catch the full interview tomorrow. One reason the CBC Investing Club helped to create so many millionaires last year in Nvidia is simply because you didn't have a chance to sell.
It happened that fast. Thank heavens for Jensen Wong. Even as the doubters were back with Avengers today, if you sold it recently, please read my weekend CNBC investing club piece about the lies the bears insist on telling about Nvidia. You might regret your sales. You might want to buy tomorrow. So, welcome to 2026 where the bears say long-term interest rates will rise, inflation will raise, stocks are too expensive, and the president will crush the averages.
I actually don't believe any of that will happen. But when the bears say this stuff and they get it wrong, they're never held accountable. And hey, if they make a mistake, there's always 2027. All right, I hope you're all doing great today. Jensen delivered his CES keynote today, and we learned a lot.
I'm just going to rapid fire multiple points that stood out to me. First, Jensen made it very clear that Agentic systems are going to take off from here. I've been saying in recent months that I expect . And I think 2026 will be the year we see agentic AI at scale go mainstream. Jensen also spoke about the importance of open- source models and directly confirmed something I've been saying over the past month.
models. I repeatedly made the point that this is why Nvidia stopped offering DGX cloud capacity to customers back in September and struck a deal to buy additional capacity from Core Weave. Moving forward, Nvidia wants to be the leader in open source models and today Jensen directly confirmed this on stage.
Jensen told us that Nvidia has built up massive amounts of DGS capacity in order . Jensen shared a lot of exciting details about Nvidia's physical AI business. First, Jensen reiterated that Nvidia offers the full robotic stack equipped with three computers that make physical AI possible. DGX for training, RTX Pro for simulation and AGX Thor, .
Physical AI is a very broad industry, and part of that industry is autonomous vehicles. Today, Jensen announced NVIDIA Alamo, the world's first thinking, reasoning autonomous vehicle AI. Alamo is trained end to end. Not only does it receive sensor input and take action, it also reasons about what action it's about to take, tells you the reasons by which it came about that action, and then of course the trajectory.
Nvidia started working on self-driving technology 8 years ago. And today, Jensen announced that the first autonomous car from Nvidia is going to be on the road in Q1 in partnership with Mercedes-Benz. Jensen told us that the Mercedes-Benz CLA was just rated by Encap as the world's safest car. Jensen told us that Nvidia's vision is that someday every single car and every single truck will be autonomous.
The ecosystem of companies working with Nvidia on robo taxi and self-driving technology is growing rapidly and Jensen expects this to be a giant business for Nvidia. This is going to be the first large-scale mainstream physical AI market and Jensen believes that over the next 10 years a very large percentage of the world's vehicles will be autonomous.
And this is only part of Nvidia's physical AI business. I'm telling you as I've been for months. Nvidia's physical AI business does not get enough attention. And I seriously think most analyst long-term estimates are too low given what's ahead. Ahead of Jensen's keynote, I made the point that I would be surprised if Jensen made any big announcements related to data center since CES is geared toward consumers.
But that I would be happy to be wrong about that. And now I am very happy to have been wrong about that because Jensen gave us an update on Ruben. Jensen told us that Vera Rubin is in full production right now. This is very important and this makes me very optimistic about Nvidia's earnings report and guidance in February.
Think about this. Today Foxcon published their December revenue report and looking at this graphic, we can see that Foxcon's revenue jumped sharply starting in September. That's when Blackwell Ultra started ramping in substantial volumes and Foxcon had a very strong fourth quarter in the months following.
This bodess very well for Nvidia's next earnings report in February. Now, couple that with the fact that Reuben is already in full production and on track to launch seamlessly this year. Plus, we that should be coming online very soon in the early part of this year. All of this put together makes me very optimistic that we will get both a very strong earnings report and very strong guidance from Nvidia in February, even stronger than usual.
And that makes me optimistic that we may see a very positive reaction to Nvidia's next earnings report. Now, of course, if the stock rallies a lot ahead of the earnings report, then that decreases the likelihood of a positive reaction after the earnings report. But you get what I'm saying. Foxcon's revenue report indicates that Nvidia should report very strong earnings in February.
Large-scale sovereign AI projects coming online very soon increases the likelihood that we will get very strong next quarter guidance. And Vera Rubin being in full production means we are likely to get very as well. putting all of it together, that is a very positive setup in my opinion. All right, so that is some of what stood out to me from Jensen's keynote, and I'm sure I'll have more to say in the days ahead after I've had more time to process everything.
In the meantime, be prepared for two important events on Tuesday. Tuesday morning, Nvidia is set to hold a fireside chat with JP Morgan starting at 8:00 a.m. Pacific, 11:00 a.m. Eastern. This fireside chat may , given that this event is geared toward the financial community, and because JP Morgan is very likely to ask important questions about Nvidia's large data center business.
And then later in the day on Tuesday, Jensen is scheduled to speak again at Lenovo Tech World starting at 5:00 p.m. Pacific, 8:00 p.m. Eastern. Much of the world has no idea what's about to happen with physical AI. Physical AI is shaping up to be the biggest wave of AI yet. It stands to benefit massively.
NVIDIA CFO recently . I'm completely serious when I say that I think . Many of them are not adequately factoring in the growth of
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