As Nvidia CEO Jensen Huang delivered his annual GTC keynote on Monday, the $4 trillion company’s stock began to decline. Wall Street investors appeared unswayed by the founder’s confident, nearly 2.5-hour presentation, choosing instead to focus on the uncertain future of AI and growing concerns about a potential bubble. This sense of apprehension on Wall Street stands in stark contrast to the optimistic energy in Silicon Valley, where confidence remains high.

During his lengthy address, Huang detailed Nvidia’s latest advancements, spanning new graphics technology for video games, upgraded networking infrastructure, autonomous vehicle partnerships, and a new chip developed with Groq to speed up AI inference in the Vera Rubin system. He also shared staggering figures about the company’s outlook and the broader market, describing the AI agent ecosystem as a $35 trillion opportunity and the physical AI and robotics sector as worth $50 trillion. Huang further projected that purchase orders for Nvidia’s Blackwell and Vera Rubin chips alone would reach $1 trillion by the end of 2027.

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Neuman pointed out, “The markets hate uncertainty. The speed of innovation has actually created a great new uncertainty that I think most people never expected.” He suggested that some of this uncertainty stems from misleading market information, noting that headlines about slow enterprise AI adoption may not reflect the full reality based on his discussions. “Enterprise AI adoption is going to hit inflection and scale very quickly,” Neuman stated. “I actually think it’s happening. When you say it’s not, I think what you’re probably saying is the [return on investment] and the receipts are still a little bit undefined and companies are citing the surveys and the reports that are largely six-month-old data. It just takes months to aggregate data.”

This perspective gains credibility when examining Nvidia’s recent financial performance. Even as many companies remain quiet about their AI returns on investment, they are increasingly investing in Nvidia’s technology. The company has consistently exceeded its ambitious targets and quarterly estimates, with revenue surging 73% year-over-year last quarter. This momentum shows no signs of slowing. For instance, it was recently confirmed that Amazon plans to acquire 1 million GPUs, along with other AI infrastructure, for Amazon Web Services by the end of 2027.

“The economy is sort of orbiting around Nvidia,” Cook observed. “It’s building this necessary infrastructure. All these different companies in hardware and software and physical AI—even Caterpillar is now physical AI—that are building off of these platforms.”

None of this rules out the possibility of an existing or future AI bubble. However, while the GTC keynote may not have boosted Nvidia’s stock price, the broader market uncertainty does not appear to be hindering the company itself. Nvidia continues to charge forward at full speed, pulling much of the global economy along with it. As Huang emphasized in his keynote, “Nvidia, as you know, is a platform company. We have technology. We have our platforms. We have a rich ecosystem, and today there are probably 100% of the $100 trillion dollars of industry here.”