TLDR
- Nvidia stock rose more than 2% on Thursday, trading around $218
- CEO Jensen Huang said he expects Nvidia to sell twice as many chips next year
- Nvidia projected 70% revenue growth for its next fiscal year, potentially doubling if supply meets demand
- Huawei plans to launch two new AI chips next year as China reduces reliance on Nvidia
- Huang is expected to attend the Trump-Xi state dinner on September 24
Nvidia stock climbed more than 2% on Thursday, trading around $218, as CEO Jensen Huang made a bold demand forecast and tech stocks helped push broader markets higher.
Huang spoke at a summit in Scotland convened by King Charles III, where he told media he expects Nvidia to sell twice as many chips next year as it does this year. “The reason for that is because AI has so much contribution to the benefits of different industries, different economies,” he said.
The stock is on track for a second straight session of gains. The S&P 500 rose 1.1% and the Nasdaq Composite gained 1.6% on the day, with tech leading the charge.
Other chip stocks also moved higher. Qualcomm rose 2% and Intel surged 9% on the day.
Revenue Outlook
Nvidia last month projected revenue growth of 70% for its fiscal year ending January 2028, which would put revenue at around $673 billion. Huang added that revenue could potentially double if the company had enough supply to meet demand.
Nvidia does not publicly disclose total chip unit sales. Its best-known products are data center GPUs, including its Blackwell and Rubin chips. Last fall, Huang said Nvidia had shipped 6 million Blackwell GPUs in four quarters.
Beyond GPUs, Nvidia also makes central processors, switch chips, optical networking chips, laptop chips, Jetson chips for robots and cars, and the chip inside Nintendo’s Switch 2.
At the Scotland summit, Huang also addressed AI safety, saying companies must take responsibility before releasing AI products. “When a product is not safe, we should hold it back and keep engineering it,” he said. He attended alongside representatives from Google DeepMind, OpenAI, and Anthropic.
Huawei Moves In
While Huang was making his case in Scotland, Huawei was making noise of its own. The Chinese tech giant announced plans to launch two new AI chips next year and said it has already shipped more than 1,000 AI computing systems to over 370 customers.
The push is part of China’s wider effort to cut reliance on US technology, following Washington’s restrictions on Chinese access to Nvidia’s most advanced chips. Huawei itself has been under US restrictions since 2019.
Morgan Stanley estimates China’s AI chip market could hit $67 billion by 2030, with domestic companies taking 86% of that market, up from less than half in 2025.
On the geopolitical front, Huang is expected to attend a state dinner hosted by President Trump for Chinese President Xi Jinping on September 24. AI is expected to feature in the Trump-Xi talks.
Huang has maintained close ties with the Trump administration and traveled to China with the president earlier this year. He also attended a state dinner hosted by Xi in May, alongside Elon Musk and former Apple CEO Tim Cook.
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