Fiscal 2028 growth guidance and constraints
Q: Why guide a full year out and what is the gap between growth and demand?
A: Jensen Huang explained that autonomous agents use significantly more compute than human users. The company is the only one offering a full compute factory platform. Sovereign and enterprise sectors are growing 100% annually. Supply is the bottleneck, but visibility is better.
Inference market share and workloads
Q: How is the inference market share evolving with new workloads?
A: Jensen Huang noted the lifecycle is complex, involving data preparation, training, and inference. The rack-scale architecture is fungible across these phases. New hardware is for high-interactivity tasks, but most data centers will use the standard rack-scale systems.
Growth drivers and unconstrained demand
Q: What are the contributors to the 70% growth and what would it be if unconstrained?
A: Jensen Huang stated unconstrained demand would be higher. Growth is driven by large cloud providers and the invisible enterprise and sovereign sectors. Customers are racing to new generations due to productivity gains.
Ecosystem investments and competitive dynamics
Q: Are ecosystem investments around $500 billion and how do you balance investing in labs that build custom chips?
A: Jensen Huang said the company is a platform that runs everywhere, unlike specific chips. He is confident labs will remain customers. Colette Kress added that supply commitments are essential for the next three years.
Open source models
Q: Is the rise of open models negative for the growth of frontier model companies?
A: Jensen Huang said both closed and open models are growing. The company's platform runs every model. Open models are vital for cybersecurity and proprietary work.
Autonomous agents and demand catalysts
Q: How does recursive self-improvement and autonomous agent development affect industry demand?
A: Jensen Huang said demand will increase as the world moves to autonomous systems. Agents run 24/7. The industry is in a phase where computing is doing productive work and generating profitable tokens.
Supply chain constraints
Q: Can you rank order the most acute constraints?
A: Jensen Huang said the entire supply chain is challenged. They have supply for 70% growth but need more. They are working to increase capacity daily.
Future scaling and capacity
Q: How should we think about scaling beyond Vera Rubin?
A: Jensen Huang said the goal is to put more compute into the same power and space. Revenue opportunity per gigawatt has grown from $18 billion with Hopper to $25 billion with Grace Blackwell and $40 billion with Vera Rubin.
