At the Goldman Sachs Communicopia + Technology conference on Thursday, Nvidia's founder, CEO, and ever-enthusiastic promoter Jensen Huang laid out his case for why his company's dominance in AI—and its soaring revenues—will keep breaking records well into next year. His reasoning is simple: he can see what's coming.

Plenty of skeptics have been fretting over whether Nvidia's winning streak is nearing its end. Competition for GPUs and AI chips is mounting from every angle—hyperscalers like Amazon, Microsoft, and Google are all developing their own silicon, AI labs such as Anthropic and OpenAI are doing the same, and newcomers like the recently public Cerebras and startups such as Etched are entering the fray.

"Most people think Nvidia builds a chip. I mean, you need airplanes to ship what we build," Huang remarked, noting that his company still fights an outdated perception from its early years. Nvidia created the GPU, which in the beginning was mostly sold to consumers wanting better PC gaming performance. "One GPU now is not $399. It's $8.5 million dollars. That's one GPU, all connected with NVLink, 2 million parts, right. 250,000 kilowatts. That's a GPU, and we ship thousands of them."

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He pointed out that orders for a single product—a computer system pairing 36 Grace CPUs with 72 Blackwell GPUs—are growing 27% month over month. But Huang's optimism isn't limited to current sales. He took the chance to restate Nvidia's revenue projection for next year, guidance the company first shared last month alongside yet another record-breaking quarter. That's when he initially predicted revenue could climb 70% next year. "I think we could grow 70% year over year. We're confident about that," Huang repeated on Thursday. Analysts anticipate the company will close out its current fiscal year with roughly $400 billion in revenue. A 70% jump would put next year's figure at approximately $680 billion.

Why is Huang so sure? Because Nvidia is woven into virtually every corner of AI, which gives him what he believes is a clear view of the future. "Nvidia runs every model. Every single lab can use us," he said, noting that this covers models from Anthropic, OpenAI, and Google, along with open-weight alternatives. "We are a foundational platform of the AI ecosystem, foundational platform of the AI industry."

Nvidia's reach stretches from its suppliers—memory chip manufacturers among them—all the way to data center projects and startups. "We're tracking every single gigawatt of land, power, shell around the world. Literally everything on the planet," he explained. (A "shell" is the outer structure of a data center building before computers are installed inside.) "I mean, just think about all my partners. How many neoclouds are reporting back to us. How many OEMs are reporting back to us. How many clouds are reporting back to us. How many AI native companies are reporting back to us. We're working with everybody, and so we kind of know where everything is," he said.

That remark naturally raised questions about Nvidia's so-called circular deals—arrangements where it invests in companies that then purchase its products. Such patterns famously helped bring down an earlier generation of internet infrastructure suppliers like Lucent Technologies. Huang's reply was straightforward, if a bit cheeky: "Well, it's not circular because we put a little bit of money in, and a lot of money comes back." He continued with a joke: "I look at the spreadsheet, we put in $1 and $100 comes back in. Is that circular. If that is, let's do more of that."

Jokes aside, he maintained that Nvidia verifies real customer contracts generating revenue before investing in any of these companies. In total, he said he's reviewed $100 billion worth of such contracts. "I'm not taking any risks. … I need a sure thing."

Only time will reveal whether Nvidia's grip on AI truly endures for the long haul. If there's one golden rule in tech, it's that every giant eventually gets disrupted. Even Huang concedes that a significant portion of AI's current growth stems from AI-native startups raising enormous sums and spending most of that cash on their own AI usage. As the industry matures, companies will likely get more efficient with infrastructure and tokens. But for the moment, Nvidia has a stake in everything—and sees another bountiful year ahead.