When Nvidia CEO Jensen Huang took the stage for the annual GTC keynote on Monday, the $4 trillion company’s stock began to tumble.
Wall Street investors, it seems, were unmoved by the leather-jacketed founder’s bullish 2.5-hour speech. Instead, they put more weight on the uncertain future of artificial intelligence and bubble fears. The nervousness felt by Wall Street could not be more different from the buzzing atmosphere in Silicon Valley, where confidence rather than uncertainty abounds.
Huang spoke for more than two hours about the company’s latest innovations, from new video game graphics technology and updated networking infrastructure to autonomous vehicle offerings and a new chip designed with Groq to speed up AI inference in the Vera Rubin system. He also dropped some impressive numbers about Nvidia’s business and beyond. Huang called the AI agent ecosystem a $35 trillion market and the natural AI and robotics industry a $50 trillion market.
Huang also said he expects to see $1 trillion worth of purchase orders for the company’s Blackwell and Vera Rubin chips — just two of Nvidia’s many products — by the end of 2027.
Shouldn’t that excite investors? No wonder it’s not, Futurum CEO Daniel Neuman told TechCrunch.
A new great uncertainty
“[AI] it’s so good, so transformative, and moving so fast that we really don’t understand what it’s going to mean for all the things that are social constructs that we’ve come to understand,” Neuman said. “Markets hate uncertainty. The speed of innovation has really created a great new uncertainty that I think most people never expected.”
Part of that uncertainty comes from misleading information coming out of the market, said Neuman, who added that headlines about low-end enterprise AI adoption don’t paint the full picture — at least, based on conversations he’s had.
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“Enterprise AI adoption will hit gradient and scale very quickly,” Neuman said. “I really think it does. When you say it doesn’t, I think what you’re saying probably is [return on investment] and receipts are still a little uncertain and companies are citing surveys and reports that are largely six-month data. It only takes months to gather data.”
That sentiment carries weight when you look at Nvidia’s numbers from previous quarters. While companies may not advertise their AI ROI, they are increasingly buying Nvidia’s technology. The company continues to not only exceed its lofty goals and quarterly estimates, it continues to exceed them by leaps and bounds. Nvidia’s revenue rose 73% over the previous quarter.
There’s no sign of that changing anytime soon. For example, just this week Nvidia confirmed that Amazon made a plan to buy 1 million GPUs, along with other AI infrastructure, by the end of 2027 for Amazon Web Services (AWS); according to a Reuters report.
Kevin Cook, senior equity analyst at Zacks Investment Research, agreed with Neuman and joked to TechCrunch that investors not being happy doesn’t change the fact that the entire stock market is powered by Nvidia because its technology works for many of these businesses.
“The economy kind of revolves around Nvidia,” Cook said. “It’s building that necessary infrastructure. All these different companies in hardware and software and natural AI — even Caterpillar is now natural AI — that are built off of these platforms.”
None of this is to say that there isn’t an AI bubble right now or there couldn’t be in the future. But while GTC may not have been a boon for Nvidia stock, the broader uncertainty doesn’t seem to be Nvidia’s problem. The company is clearly moving forward, seemingly bringing the entire global economy along with it.
“Nvidia, as you know, is a platform company,” Huang said in his GTC keynote. “We have technology. We have our platforms. We have a rich ecosystem and today probably 100% of the $100 trillion industry is here.
