Jensen Huang projects 70% Nvidia growth next year, strongly denying circular deals
Nvidia's chief executive officer aggressively refutes claims of circular venture investments driving GPU demand.
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- Nvidia CEO Jensen Huang projected that the company's data center business will grow by 70% next year.
- Huang strongly denied accusations of circular capital flows, where Nvidia invests in startups that immediately buy its GPUs.
- The executive asserted that Nvidia's venture arms are completely isolated from its product allocation and sales teams.
Nvidia Chief Executive Officer Jensen Huang has issued an aggressive defense of the company's financial model, projecting an astounding 70% revenue growth for its data center segment next year. During a media briefing on Thursday, Huang sought to dismantle rising skepticism from Wall Street regarding the sustainability of the AI hardware boom. Rather than a speculative bubble nearing its peak, Huang asserted that global demand for Nvidia's Blackwell and Rubin GPU platforms is accelerating, driven by a structural shift from general-purpose CPUs to accelerated computing.
A central focus of the briefing was a direct and forceful rebuttal of accusations of 'circular deals'—a practice where Nvidia reportedly invests in cloud providers and AI startups, with the tacit agreement that those funds are immediately recycled to purchase Nvidia GPUs, artificially inflating its revenue. Huang strongly refuted these claims, insisting that Nvidia's venture capital divisions operate in complete isolation from its hardware sales and product allocation teams. He stated that Nvidia invests in startups purely to accelerate the growth of the broader AI ecosystem, rather than to manufacture artificial hardware demand.
Huang also provided context on the company's aggressive development cycle, stating that Nvidia remains committed to a strict annual release cadence for its hardware. By shipping a major new GPU family every year, the company intends to continually drive down the cost of inference and training, keeping alternative silicon developers at bay. Despite macroeconomic headwinds and fears of an AI infrastructure overbuild, Huang concluded that the physical transition of the world's data centers represents a trillion-dollar modernization cycle that Nvidia is uniquely positioned to dominate.
A projected 70% growth rate for a company of Nvidia's scale is extraordinary and signals that hyperscalers have shown no sign of cooling their infrastructure spend. By directly addressing Wall Street’s 'circular revenue' fears, Huang is attempting to shore up investor confidence, asserting that Nvidia’s growth is anchored in real physical demand for accelerated compute rather than accounting-loop engineering.
Will Nvidia's upcoming quarterly financial filings provide sufficient disclosures to fully satisfy Wall Street analysts seeking independent verification of non-circular revenues?
Still open. When the paper finds out, it will say so here and on the open questions page — including if it got this wrong.