steven fiorillo
NVIDIA CEO Jensen Huang Speaks (My Raw Thoughts)
10/9/2025, 12:16:20 AM
Economic Summary
- Nvidia has shifted from a graphics-chip vendor to a full computing-platform company (NVDA), building enormous systems that can require hundreds of megawatts to gigawatts, implying large, persistent infrastructure and energy demand.
- In the past six months compute demand has surged as AI moves from one-shot answers to reasoning; high demand for Blackwell chips (NVDA) suggests the start of a new industrial-scale buildout of AI infrastructure.
- OpenAI is buying compute capacity directly from Nvidia (NVDA) rather than relying solely on cloud providers, meaning OpenAI will build and operate its own infrastructure and sit alongside Microsoft, Meta, Alphabet, and Amazon as infrastructure operators.
- The growth of AI compute increases demand for energy; Jensen stressed pro-energy growth policies so the industry above the energy layer is not constrained, highlighting opportunities for utilities and fuel suppliers.
- The speaker noted a shift in AI economics: token generation was often loss-making, but newer reasoning capabilities allow models to create value and potentially make compute workloads profitable before achieving AGI.
Bullish
- NVDA: Surging demand for Blackwell chips signals a multi-year AI infrastructure buildout.
- AMD: OpenAI deal is bullish, increasing demand for alternative chip suppliers.
- Energy sector: Massive new AI compute needs will boost utilities and fuel suppliers.
Bearish
No bearish cases captured.
Bullish tickers
NVDAAMD
NVDA
Bullish
High demand for Blackwell chips and direct OpenAI purchases point to long-term infrastructure-driven revenue growth for Nvidia.
AMD
Bullish
OpenAI deal is bullish for AMD as customers seek every available source of compute capacity.
MSFT
Bullish
Now part of the same infrastructure-operator peer set as OpenAI; implications for competition and partnerships.
META
Bullish
Mentioned as a peer infrastructure operator alongside OpenAI, with potential strategic implications.
GOOGL
Bullish
Identified as a peer in large-scale AI infrastructure as OpenAI expands its own compute footprint.
AMZN
Bullish
Included as a comparable infrastructure operator; OpenAI's buildout may affect cloud dynamics.
OPENAI
Bullish
Buying compute directly from Nvidia and building its own infrastructure, elevating it to parity with major cloud/infrastructure players.
People mentioned
Jensen Huang