저자: JensenHuang및CNBC출연자들 · 외국인
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엔비디아 CEO 젠슨 황이 Computex에서 마벨(Marvell)을 '차세대 1조 달러 기업'으로 언급하며 주가 급등. 출연 애널리스트들은 엔비디아가 PER 약 14~15배로 저평가라며 긍정적. 알파벳의 800억 달러 자본조달과 버크셔 투자는 AI 인프라 수요를 뒷받침하는 신호로 해석. 한 해설자는 AI 자본지출이 닷컴버블 때와 달리 공급 부족 상태라고 주장. 일부는 마벨 주가가 이미 과열됐다고 경고.
다듬은 글
Let's begin with the AI boom. Nvidia's Jensen Wong making a bullish comment about Marll while on stage with that company CEO Matt Murphy today at Computex in Taiwan. Take a listen. What makes it possible is connectivity. Yeah, we're we're I mean we're we're we're seeing it. And then as they're going to be the next trillion dollar company.
We got a little work to do, but we're we're on our way. We're on our way. Thank you, Jensen. So, it's up 25 premarket, Jim. They've invested two billion now, right? Bad's a good friend of our show. He's gone any number of times and he's bought a huge amount of stock in the open market. So this is a man who totally understands the greatness of his company.
He inherits the company buys a business that is optical. Okay, it's not a big business. It turns out that he is now also doing work for all the hyperscalers on just you all his regular stuff, but he's also going to take over with optical and that's Jensen's big thing. You know, David, we have a this is a strange conference.
Yeah, copy Texas strange conference. Is it well because at the same time that we're seeing software roll over it's rolling over this morning. Yeah. After an enormous rally best two days since 2009 crushed a lot of those hedge funds that were short these names. Absolutely crushed. Yeah. Uh we get this we get the amazing presentation with Renee Hos last night that talks about how uh every time Chance says every time I mention you every time I do something with you your stock goes higher.
We have a a market that is so redot and then David honestly your interview with Sam Alman where I thought he came out like a statesman which therefore made me feel like as I told you in an email that he might be doing a deal. the alphabet deal. I just don't like the confluence. There's so many things going on right now.
We got to spend a good amount of time on Google. It's so fascinating. That said, before we move on from Marll just because we started with it, it's up 18%. Just cuz Jen said something. I don't like that. I look I've had Matt on. I mean, I had Matt on recently and Matt was defending that his company was under attack by someone, you know, some newsletter said he lost a big contract with Amazon.
And he said, "Look, I didn't. And not only that, like I've done reveal I bought a huge amount of money. I remember that and it was great. My point is that not to not to take anything away from that shouldn't happen is what I'm saying. That's all I'm saying. I don't want to that's not news. That's just him being nice in the moment.
I I remember Matt once he made a presentation. He had Jensen next to him and he said, "Look, I'm I'm going to be a colleague of Jensen. We're doing doing a good thing." And I you know, that was the day the days before all this craziness happened. Uh Matt did not say anything other than the fact we have a lot of work to do and he's one of the most humble guys in the world and [snorts] I look Jensen's humble but this conference turned out to be they're anointing people and I I sent Matt a text and I I wanted to just remind I want to remind everyone there's you got to be a little more humble right now.
Yeah. Yeah. You got to be humble because these are big moves and they're not based on anything other than one person saying it. Right. right now. Now, he is the one of the most, if not the most important people. But that said, it is not news. We have one man, Jensen Wong, whom, you know, I think is the greatest.
He hasn't made fun of me in the last few days about that. Stock hasn't taken out its high yet. I would feel a lot better. We have anointing of people who frankly are terrific, but I don't necessarily expect that a trillion dollar company for Matt. I've known Matt since he took over the job. You know, we were struggling with a, you know, $50 billion company.
Well, and to and to David's coverage yesterday, we now have some fresh Census Bureau data. That we're spending more on the AI infrastructure buildout than we are on office construction more than we're spending on public transit infrastructure. But then again, Jensen said it was going to be the fourth industrial revolution.
We have to do it. And this was like remember all the we built the railroads, okay, but the railroads ran out of money. This is not going to happen. David, is it Star City or Stargate? It's Stargate. I don't think we're going to run out of money. Does he even know what star that is? The Apple show about the Russians beating us to the moon.
Oh no. Marll surging in early trade after Nvidia's Jensen Wong called it the next trillion dollar company at Computex yesterday. Joining us to discuss this morning, Caner Fitzgerald senior managing director CJ Muse has it neutral on the name and recently upped his target to 220. CJ, it's good to have you back.
Yeah, good to be here. Thanks for having me. We've had Marll on. We've had Marll on with Jensen. Uh clearly highly complimentary, although it sounds like valuation remains a roadblock for you. Well, I'd say, you know, Jensen's a great cheerleader and uh you know, the investments he's made in the last 12 months have been spectacular.
Uh you know, I think his uh his only regret is not seeing the same kind of performance for for himself. Uh but specific to Marll, you know, I think uh you know, his comment of a trillion is is a little more aspirational, figurative, not literative. That would require, you know, a five-fold increase from today's uh price.
But, you know, Marll's in a great spot in terms of interconnect, which is very important uh in the scale up and scale out of AI compute. And so, you know, I think Jensen was highlighting uh the importance of that part of the market and and and that obviously includes Marll. uh in your note coming out of the quarter uh few days ago you did say we simply see better upside elsewhere.
Can you talk about where you know we've been uh talking you know here internally and and with clients and you know the name that has been kind of left for dead in AI is is the obvious name uh in Nvidia uh and you know they're going to do $15 to $16 next year which means you're paying you know 14 to 15 times today which uh is below almost anything in our coverage uh excluding uh memory with Micron and SanDisk uh And so I think considering riskreward, you know, Nvidia is in the sweet spot here.
You know, long onlyies uh are underweight. Uh and I think as we go through this beer rubin product cycle uh that as the stock pushes higher uh you're going to have positive momentum cause investors to chase it. Yeah. a lot of discussion uh uh in the past 24 hours about obviously in in light of the PC news their willingness to dominate our ambition to dominate at every level of the stack.
Uh was that was that news incremental for you on your models? Um you know I think there's two takeaways. The the the biggest one near your term is that TSMC is sold out, right? So if you're Nvidia or AMD and you're deciding to build a CPU over a GPU or an accelerator, you know, you can't have both, right?
And then I say the second point um is that Jensen understands with Aentic AI and soon physical AI that he wants to have a dominant role at the edge. Uh and so I think it makes sense uh for the work that they're doing in PCs and and their incredible work that they're partnering with MediaTek on. And again, Jensen strikes from Taiwan.
He's at the Computex conference and well, he said Marll will be the next trillion dollar company. My goodness, it was already looking phenomenal. Imagine this. A month ago, the stock was extremely overbought. It didn't matter. It didn't miss a beat. And now, of course, it's taken off even more. Jensen says it could go up four times from where it is right now.
So far, it hasn't looked back. Now, listen, there's no doubt that at this moment, Jensen has the magic touch, right? I mean, the guy think about this. That's Forbes magazine the cover January 2008 and they said it was the company of the year they said he had the magic touch. What's amazing is that that stock really this is two go back to 2008.
It started off pretty good and then by the end of the year it crashed. Believe it or not the stock actually crashed and it took a year before it broke out again. And of course we're talking about it going from $2 to $226. He's got the magic touch. People saw it a long time ago. Now my first guest says that the market didn't reward the chip launch yesterday.
It rewarded this a decade more than a decade of management execution. Let's bring in now Sebra financial the chief investment officer Mark Malikin. Mark I mean this this move yesterday with the uh PCs just absolutely phenomenal. Absolutely phenomenal. And every every stock involved is higher and keeps going higher.
Every stock attached to Nvidia is moving up big time this year. Absolutely. Look, Jensen has given us a masterclass in strategy. Uh, and he's proven that over and over over the last two years. When you think he's out of gas, he comes with something new. I don't think anybody expected what he had yesterday.
It's very credible and it fits right in. This is not a person grasping after headlines right now. No, it's amazing. So, uh, the Jensen had these GPUs and effectively he was blocked out of the industry for a long time until they couldn't block him again. He made money with chips, uh, you know, gaming chips and with the breaking, you know, Bitcoin mining and stuff, but they finally made the breakthrough and now it felt like, okay, you've got Google, they've got TPUs.
Maybe they're coming after him. But you say really the secret sauce is this platform. It's not a chips company, it's a platform, right? So it's got chips and it's got this RTX as new and it's got Blackwell and it's got computing. It's got all of these things and that's why it's so tough to beat Nvidia.
Absolutely. you know, they've built an entire ecosystem, right? So, you can build almost all these different products on top of this ecosystem that they created. It's kind of similar to what Apple did with their OS where you sort of you could build it on top of that and everybody knows how to do it at this point and it's there.
They built it over the last decade. Right. Right. And that and that's why you can say, "Hey, we want to add RTX. We want to add laptops and and and desktops." You've already got the platform. You've already got I mean, would this be like the ultimate? It's not a moat because a moat is defensive. This is sort of offensive.
This is offensive, but it also is defensive, right? So, anybody who wants to compete in that space is competing against all of these developers that already know this platform that can already just plug in and develop away. So, it's really defensive and offensive as you said at the same time. It's interesting you talk about the magic touch.
So, these are just some of in I mean some of the the uh investments that they've made. Uh not long ago, I remarked that this is becoming a mini uh Bergkshire Hathaway. Nokia is one of the biggest winners right now. Just in the last couple of months, it's up 50 60%. Coherent through the roof. Intel, forget about it.
We know where that is. Core earnings estimates are going down. The stock is going up. I mean, it's just the magic touch. And and I I guess it's just just follow Jensen. I guess if you want to make Jensen and Mark Malik, that's all you got to do really. So, so far it's been working. So far, it's been working.
Interestingly, Intel, this large holding obviously got under a little pressure yesterday from the announcement, but he absolutely he's very thoughtful. This is like again, this is an execution of a strategy. You rarely see this, but when you do it, you take note. You can count on on one hand the amount of CEOs that have executed like Jensen.
Let's talk about Marll because it's a stock that I I think you've had this stock before, right? It's a name that you like. So, folks, this is where we are. We started today. It was under 200. Right now, it's about $248 billion. So he's saying it's a trillion dollar company. If that's the case, do you hold on to it?
It's got we've got a way to go before it gets to maybe a trillion dollars. I think it's a great reach number. However, there is great there are great things in in store for Marll. They have a very interesting product. It's clear that Jensen has put his money behind Marll and it's clear that they have some growth ahead of them.
Whether it gets to, you know, a trillion dollars, it may take some time. They don't quite have the backlog that maybe somebody like AMD or or Micron might have. Okay. Okay. I mean, and it's had a pretty good move here. Intel peaked at 124. It was up every single day, much like the Dell move, but on no fundamentals.
At least Dell delivered very solid earnings growth. But then you look at a name like Advidia that's growing at 80% uh year-over-year, trading at a price to earnings growth ratio of less than half of one time. So 0.5 times. And and it's doing almost nothing. I mean, it's had a little bit of a run. We added it to our value portfolio.
I'm more interested in owning the sustainable growth names than I am the catch-up names. And I think that's what these are. And I would just caution, I don't know if they will continue um on this trajectory for much longer because that they are getting a little bit stretched at current valuations. A little bit stretched.
All right. There's all kinds of things out there trying to describe this big RTX news. Uh uh you know, and and I thought this was one of the better tweets out there. The laptop hasn't changed in 30 years. Nvidia just changed it. This RTX Spark uh you know again it's it's the line here is your AI agent lives in a machine 247 no cloud.
You're you love this move as well, don't you? I absolutely do because it does increase that moat around Nvidia and I actually think there are two stories that strengthen Nvidia's bullcase which is what's happening with Google financing and RTX Spark because that highlights Nvidia's ambitions to bring AI computing just beyond the data center and into workstations its consumer PCs.
It's eventually homes. And so it's a full stack compute company. Just like your previous guest said, much like the early innings of Apple, like we think about what Apple did with iPhone, they won because it controlled the hardware, the software, and the ecosystem. Nvidia's following and pursuing a very similar structure with AI infrastructure.
I'm going to talk to you about Qualcomm uh not Qualcomm, um Alphabet, Google in a moment. But let's talk about the big winners from this because again these stocks are have been absolutely on fire. Microsoft, Dell, HP, Taiwan Semi. Any any um I mean you've been holding a lot of these kind of names. Are you taking profits along the way or do you see it as sort of an extra boost in all of this?
It's important to take some profits off the table so you're not overly concentrated. I I have a very strict rule when I'm trading where it's 2% of one security isn't more than my portfolio. And I think that's important, but that goes to personal risk tolerance. But when we're shifting to consumer AI, which this is just a component of it, there was a bigger story.
I I want to argue um about what's happening with Vera and how that's adding more to the backlog. You're reading my teleprompter. We're going to bring that up right now. Let's bring Let's bring up the Let's bring it up right now because this Vera Rubin is is mindboggling. Uh and and of course this is where we are and and and they're ahead of the game.
There's still Fenman to come. But so let's talk about uh Vera Rubin and why you say that's even bigger. This is the data centers and all the ramifications around it. Well, because it means that we're finally have something that's fully running that we haven't seen before per Jensen Wong. And that's a big deal to me.
But what I want to be very cognizant of and I'm I'm sorry I'm going back on you, but I'm going to bring it together. I promise is if we're focusing on the consumer and we're talking about capex spend, it's at what point do we stop capex spend where it's affecting the consumer and that slows down. And if you were to look at correlations to the dotcom bubble, it's when that component of GDP, which is part of the buildout adjacent to the AI infrastructure peaked.
It kept going, but it didn't accelerate as high. And that's was three years prior to the downturn. So that's step number one that I'm looking for if we're looking for correlations. But what debunks that is really what's happening with Google. And this is going into some some deep weeds and details here.
So when a company like Google Alphabet, they commit another 80 billion to AI infrastructure and it's near all-time highs. It's and it's through equities. So it's effectively saying that the returns justify the investment. And normally we'd say that would dilute shares and that wouldn't be good and that's a bearish case because newer companies need to do that for liquidity.
But because of the backing with Birkshshire or Haway, it actually weakens one of the biggest bare arguments that we have that hypers scale AI spending won't earn its cost of capital. And so I think that's that strengthens the bullcase for Nvidia even with Google. And today with it selling off, I think that's just a playbook of, oh, we're issuing shares, therefore it's diluting.
That's just naturally a sell-off. I think it's a great buying opportunity there. And it strengthens once again more infrastructure spending means compute demand. So, it's really good for Nvidia as well. That bullcase is just strengthening so much, but so is the capex cycle from peaking. And and and by the way, I I think that Birkshshire part of this really really mitigated a lot of anxiety.
and and people should know now that it's $26 billion I think is their fourth largest holding uh and again to your point they wouldn't have made it without & positive at the index level but somewhat of a mixed bag beneath the surface I want to cover a few things in this video first I want to address Alphabet's $80 billion capital raise second I'll cover some important details from today's financial analyst Q&A in Taipei and third I'll recap the highlights from Jensen's GTC keynote in case you've missed recent videos All right.
So, Alphabet announced an $80 billion equity capital raise mainly to fund AI infrastructure and compute capacity. As a reminder, Alphabet expects 2026 capex to be in the range of 180 to $190 billion. And they expect 2027 capex to increase significantly compared to 2026. There are three components to this capital raise.
$30 billion of underwritten public offerings, a $40 billion at the market offering program expected to begin in Q3 and $10 billion being sold to Berkshire Hathaway in a private placement totaling an expected aggregate amount of $80 billion. Now, I want to point out a few important things on this topic.
First, I'll be completely honest with you in saying that I much prefer that companies fund their buildouts through cash flows rather than debt or equity. I'm not going to pretend otherwise. That said, it is important to remember a few things. Alphabet is supply constraint. On their most recent earnings call, Alphabet CEO specifically said that they're compute constrained and would have higher cloud revenue if they had more supply.
That context is extremely important when considering this equity raise because it tells us that Alphabet is not building out in the hopes that demand will eventually show up. They already have massive demand from their paying customers that they're simply unable to fulfill due to a lack of supply. With that context in mind, it seems reasonable that Alphabet will see a good return on the capital that they invest in AI infrastructure.
And Bergkshire Hathaway thinks so too. The fact that Bergkshire is buying10 billion dollar worth of stock in a private placement speaks volumes. It means that they think there will be a good return on Alphabet's investments in AI infrastructure. I think that private placement really helped comm market participants concerns.
And third, I want you to think about something as it relates to Nvidia and hyperscalers. Many of the hyperscalers are investing heavily in AI infrastructure because they see the opportunity that's ahead. Now notice this. While many of the mega cap tech companies cash flows are significantly lower than they've been historically due to their massive investments in AI infrastructure.
And while some of the hypers scale companies are resorting to debt financing or issuing equity to help fund the buildout, Nvidia is a cash flow machine that intends to deliver 50% of its free cash flow to investors in the form of share repurchases and dividends in perpetuity. Most growth investors are already well exposed to Nvidia, but there are many value investors who are not.
I think we're going to see many valueoriented investors who are looking for companies with strong free cash flows, share repurchases, and growing dividends gravitate toward Nvidia stock, especially as many of the other mega cap tech names cash flows are under pressure due to the buildout. And that brings me to Nvidia's financial analyst Q&A in Taipei.
I'm going to rapid fire multiple points that stood out to me. Starting with Jensen's comments about investor returns. Jensen told us that Nvidia plans to return 50% or more of free cash flow to shareholders this year, next year, and beyond to infinity and beyond. He said, "Nvidia plans to increase their stock repurchases and dividend over time." Jensen took a swing directly at Custom AS6 by saying, quote, "We're now the lowest cost way to generate tokens.
The goal is not to have a low-cost data center. The goal is to produce product with low cost. In other words, even if Nvidia systems have a higher upfront compute cost, Nvidia systems produce the lowest cost tokens and therefore they deliver the best total cost of ownership on the market. This is incredibly important in a world that is power constrained.
If your data center is limited by power, then you must choose the architecture with the best total cost of ownership. Jensen said he is certain that Nvidia systems are the lowest TCO on the market. When asked about the demand and the opportunity for the Vera CPU, Jensen said, quote, "Every data center that has Nvidia GPUs in it will likely just use Vera." That's my guess.
He reiterated that Vera is completely different from any other CPU on the market with superior performance, energy efficiency, and customuilt for agents. This is not just another CPU. It is an entirely new CPU rearchitected from the ground up. Jensen said, quote, "It turns out Nvidia CPU share is likely to be higher than our GPU share because we have 100% GPU share and will sell more CPUs outside of Nvidia GPUs.
And the reason for that is Envy Link Fusion. In other words, Vera will sell beyond just Nvidia GPUs. As a reminder, Envy Link Fusion allows customers to use their own custom accelerators in Nvidia systems. If a customer wants to use their own custom accelerators instead of Nvidia GPUs, and they use Envy Link Fusion to do it, they'll probably still use Nvidia's Vera CPU.
What really stood out to me from the financial analyst Q&A is also what stood out to me from Jensen's keynote. Jensen is talking about useful aenic AI running on edge devices running constantly and performing tasks for people in their daily lives. It's crazy to think about, but we're quite literally talking about having multiple appliances, robots, and computers that are all powered by agentic AI completing tasks for us in our everyday lives.
That's the long-term future prospect that Jensen is raising as he talks about having useful personal agentic AI running on edge devices. It's really interesting to think about the future possibilities. According to Jensen, in the future, AI is going to run everywhere, even on your vacuum cleaner. Given Jensen's emphasis on AI running on edge devices, Jensen was asked if Nvidia would be interested in smartphone chips in the future.
Jensen answered the question directly by saying, "No, and he spoke very highly of Apple." Jensen reiterated that Nvidia has enough supply for very, very strong growth, but there's still supply constraint because the demand is so great. All right. Now, I'm going to recap Jensen's GTC Taipei keynote in case you've missed recent videos because he shared a lot of important details and I want to make sure that we're all on the same page moving forward.
Whenever I post a video, the vast majority of my viewers do not see it. Because of that, I have to mention important details in multiple videos so that we're all on the same page. I'm just going to rapid fire multiple points that stood out to me. Jensen reminded us that tokens are now profitable units.
Because it's profitable, AI companies want to build out more. Jensen said that a big breakthrough is agentic tool use. He reiterated that the fears about agentic AI replacing software companies are largely overblown. Jensen pointed out that with AI agents, the world is no longer limited by the number of people.
Therefore, those agents are going to use more tools than ever before. And he said, quote, "This is actually an incredible time to be a software company." Jensen's comments helped many software stocks trade higher. On Monday, Jensen said that Nvidia's CUDA libraries are Nvidia's treasure and they're able to present CUDA X libraries to agents that are able to use them even more effectively than humans.
CUDAX libraries are tools for agents. The AI agents of the future are going to be very sophisticated tool users and CUDAX libraries are going to be incredibly popular with AI agents. Jensen reiterated that Nvidia is no longer just a GPU company. They're now an AI infrastructure company operating at massive scale.
Jensen said that 100 gigawatts of AI factories will come online before the end of the decade. Jensen spoke about Nvidia's DSX reference architecture. Sharing a slide of DSX ecosystem partners. Jensen made the point that this is not a computing ecosystem. This is an AI factory ecosystem downstream of Nvidia.
Jensen said that right now a 1 gawatt AI factory costs about 50 to60 billion and soon it will cost 80 to 100 billion per gigawatt. Jensen made the point that it must be done right and it must work right away due to the large cost. Jensen reiterated that compute is revenue and customers must choose the right architecture since they are power constrained.
Jensen pointed out that Nvidia's time to first inference is much faster than their competition. Nvidia's throughput per what is world class and if your AI factory is limited by power then you need the highest throughput per what. Jensen took a direct swing at custom AS6 by saying quote performance per what is your revenues.
Choosing the wrong architecture just because the chips are cheaper doesn't translate. Doesn't make sense. Jensen pointed out that software changes rapidly every few months. And if you don't have a flexible architecture, then you cannot predict the useful life of your system. He's hitting directly at custom AS6 from the hyperscalers.
By the way, speaking directly to those developing custom AS6, Jensen said, quote, "You cannot predict how long your system can last." I can Nvidia's architecture is the most flexible in the market, meaning it can easily adjust as software changes. Jensen said, quote, "If the life of the asset is long, the total cost of ownership is low." Today, Nvidia's total cost of ownership is the lowest in the world by X factors, orders of magnitude thanks to extreme co-designes.
That's great for companies like Iron by the way. Iron's upcoming Sweetwater site should be a flagship Nvidia DSX AI factory. Jensen told us that Vera Rubin is in full production. The supply chain for Vera Rubin is twice as large as that of Grace Blackwell. And what used to take 2 hours to assemble one Grace Blackwell rack now only takes 5 minutes.
The industry is far more prepared for the launch of Vera Rubin than they were for Grace Blackwell. Jensen spoke at length about the Vera CPU, mentioning that with agentic AI, low latency is incredibly important. Vera was purpose-built for agentic AI and Nvidia is already the world's largest CPU maker.
The Vera CPU serves three main purposes. Inside the Vera Rubin rack, there are two CPUs handling things like orchestration and management of the GPUs, managing the KV cache, and dealing with the software that runs inside the rack. The Vera compute is used for the harness, the orchestration of the AI models, tool use, and accessing the database.
And Vera Bluefield is the fastest storage system the world has ever made. This is important because agents are accessing memory so incredibly fast. Vera is a new CPU architecture built from the ground up that is purpose-built for agents. Vera is world class and the number of CPUs is going to be quite high.
In the past, CPUs were built to be used by humans. Now CPUs are being used by agents. With billions upon billions of AI agents, we're going to need a lot of CPUs. Speaking of the Vera CPU, Jensen said, quote, "This is going to be our new major growth driver. The reviews are already coming out and it's pretty good.
Later in the keynote, Jensen said that the orders already are going to make Vera the fastest and most successful product launch in Nvidia's history. Jensen said that every company will run agents and they're all asking Nvidia how to run agents safely. Jensen shared the NVIDIA agent toolkit for enterprise AI.
There are four things companies need in order to build agents as a service or build agents to operate. First, you need large language models. NVIDIA is determined to be the leader in open-source models, by the way. Second, you need a harness to orchestrate the whole thing. So think of Nvidia's Nemo claw for example or other harnesses like OpenClaw.
Third, you need tools and these tools come with skills. Nvidia's CUDEX libraries are going to be amazing tools for agents in the future. And fourth, you need a runtime, the operating system that holds it all together, such as Nvidia's Open Shell. Nvidia has it all. Jensen also announced Nvidia's new Neatron 3 Ultra open model, which is five times faster and 30% lower cost than the world's best open models.
And Jensen said that Nvidia is currently working on Neatron 4. As a reminder, Nvidia being the leader in open source models should lead to a very advantageous position for Nvidia wherein many popular AI applications are built on Nvidia's own models. Open source models drive greater consumption throughout the ecosystem.
Greater consumption results in greater compute demand. And of course, Nvidia sells the compute. Jensen said that Nvidia and Microsoft are reinventing the PC. Agents are going to run in AI clouds. They're going to run in enterprises and they're also going to run on PCs. We're now talking about personal AI agents that run continuously and get work done.
And with that, Jensen announced Nvidia RTX Spark consisting of Blackwell RTX GPU consisting of 6,144 CUDA cores, a custom 20 core gray CPU fused by NVLink 128 GB of unified memory, and in close collaboration with Microsoft, a Windows platform for agents. It starts with Nvidia RTX Spark. Jensen showed some laptops and workstations on stage.
He also showed us images of Nvidia RTX Spark laptops from many of Nvidia's partners, which said that the laptops will be available this fall. And he also showed the long rumored N1X chip built in partnership with MediaTek, calling it quote the most amazing chip the world has ever built. 100% of Nvidia's software stack runs on this chip.
Every single application Nvidia has ever created and every single application that Windows has ever run. Nvidia and Microsoft worked meticulously. So this chip runs everything the world has ever created. Plus, it now runs agents. Nvidia and Microsoft announced three new Windows machines covering desktop, laptop, and workstations.
100% Windows compatible, 100% CUDA, 100% Nvidia AI tensor core. Jensen says he can imagine that in the future it will be common place for many households to have their own AI supercomputers in the house running all of your agents doing all kinds of things for you all the time and in time it becomes more like R2-D2 to you like a personal assistant more than it feels like a computer to you.
This is a new product family for Nvidia with a dedicated product roadmap. Jensen told us that with each generation of new architecture, Nvidia will have a new laptop, a new desktop and a new workstation. So, this is not just a one-off product launch. This is a multi-year, multi-generation family of products.
Jensen mentioned that Nvidia has built computers that run just about everywhere. And he said that while today Nvidia is largely in the center, in the future there will be tens of billions, hundreds of billions of agenic systems running around the world. Jensen also announced NVIDIA Cosmos 3, which is an open frontier omnimodel for physical AI.
Nvidia is actively working to be the foundation of physical AI. Jensen also announced Alpam.io 2, which is an open model for self-driving cars. Jensen shared a graphic of the brands that are building Nvidia Hyperion cars. These manufacturers represent about 80% of the world's cars. Jensen told us that approximately 97% of the world's mobility services are connecting with Nvidia so that when Nvidia deploys Alamo on the Hyperion runtime with the Halo's operating system, they'll be able to connect to all of those services across the world.
Jensen also announced the Nvidia Isaac Groot reference humanoid robot. This platform runs Nvidious New Thor and Nvidia's entire software stack. Whether it's Nvidia's drive, Hyperion, Thort, DSX reference architecture, CUDA libraries or Vera Rubin pods, Nvidia consistently takes a holistic approach and they work to establish everything that's built on top.
All right, so those are some of the things that stood out to me from the keynote. I'm still processing through everything we learned, so please forgive me if I missed anything or if I got anything wrong. I'm sure I'll have more to say in the days ahead after I've had more time to process everything.
I think what stood out to me the most from this keynote is that Jensen is now talking about useful personal AI running on edge devices that people benefit from in their daily lives. As I've often said, one of the things I love about listening to Jensen speak is that he quite literally tells . Jensen mentioned that he thinks in maybe 10 years from now it could be normal for households to have their own AI supercomputers with agents performing all sorts of tasks.
That's crazy to think about, but it honestly makes a lot of sense in my mind if we're about to have a physical AI renaissance that starts taking off in about 2 or 3 years from now. If physical AI starts taking off in ramps at scale, then at some point in the future, we're probably going to have many different types of robots that are useful and helpful to us in our everyday lives.
And if that's the case, then it makes sense that many households would eventually have their own AI supercomputers running agents that complete tasks, running appliances, managing robots, and completing monotonous everyday tasks. Of course, we're talking about long-term prospects here, but still, it's really interesting to think about the future possibilities.
In the near term, standalone CPUs are Nvidia's next multi-billion dollar business, thanks largely to the rapid adoption of Agentic AI. The Vera CPU is purpose-built for Agentic AI because Nvidia saw this coming years in advance. Jensen was talking about Agentic AI years ago, and now here we are. I don't know what's going to happen in the short term, but from a long-term perspective, I am very confident that Nvidia will be worth much more in future years than it is today.
When Jensen was on the Lex Friedman podcast not that long ago, he was very seriously raising the possibility of Nvidia becoming a $3 trillion revenue company in the near future. If that happens in the coming years, then it is very plausible that Nvidia could one day be worth tens of trillions of dollars in market cap.
That might sound crazy, but that's what Jensen is implying when he raises the possibility of Nvidia becoming a $3 trillion revenue company. I guess the question at that point is what multiple the street will be willing to give Nvidia. I don't know the answer to that question, but I truly do think that Nvidia will be worth much more in future years than it is today based purely on the fundamental growth of the business.
I'll be completely honest with you. I don't know what will happen in the short term. But based on everything I'm seeing, the world is still compute constrained. And I expect that to continue at least through the first half of calendar 2028. On Nvidia's most recent roughly 20% year to date and a 100 rental prices are up nearly 15% year-to- date.
Yes, rental prices for GPUs that launched 6 years ago are still rising because there is simply not enough supply available. In a computed environment, developers will use whatever viable compute they can get their hands on. bubble. Back then, companies were laying fiber in the hopes that use cases and demand would eventually show up.
Today, we are seeing the complete opposite. As I've said many times, when market participants compare this AI revolution to the do-com bubble, they ignore the fact that the internet is already here this tim are immediately possible. We don't have to wait years for it to show up. It's already here. The world is compute constrained, which means there is not enough supply to satisfy demand.
New capacity is utilized on their most recent earnings calls. Alphabet CEO specifically said that they are compute constrained and would have higher cloud revenues if they had more supply. Additionally, many of the clouds are building out into contracted demand. They're not blindly building in the hopes that demand will eventually show up.
No, they're building out because they have signed contracts and in some cases significant prepayments nd 2026 will be a systems in the world's leading enterprises, the leading AI labs revenues are surging right now. Agentic coding and the implementation of agentic systems in large enterprises are new use cases that are why we're seeing an inflection in inference demand.
It's why we're seeing the leading AI labs revenue surge. I wish both Anthropic and Open AAI were public so the public could see the ramp in their revenues. Anthropics ARR has surpassed 47 billion up from $9 billion just at the end of 2025. Open AAI is growing rapidly. As well, I think the leading labs surging revenues may be the initial proof point that grabs market participants attention and causes them .
I think the leading labs surging revenues will also help assure investors of the longevity of Nvidia's growth since f they . Demand is not the problem. The problem is a lack of supply to meet the demand. As I've said previous, possibly longer. aeubeeube 3 to4 trillion .
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