Jensen Huang presents a bold vision at CES: Can Nvidia and its competitors continue to grow?

Nvidia’s momentum is debated on Wall Street after the Vera Rubin presentation

Nvidia’s Vera Rubin platform, composed of six new chips intended for mass production this year, has sparked a clear division among analysts. While some, like Dan Ives of Wedbush, see an expansive horizon with a potential market capitalization of 6 trillion, others, like Gil Luria of DA Davidson, warn of signs of maturation in the data center cycle. Jensen Huang emphasized advances in physical artificial intelligence — robotics, autonomous vehicles, edge computing — but the market remains focused on data center profitability.

AI bubble or market reality?

Dan Ives outright dismisses the idea of a speculative bubble, highlighting the massive scale of global investment. “Trillions are being invested in AI,” he said in an interview with Yahoo Finance’s Opening Bid. This stance contrasts with Luria’s caution, who observes that Nvidia already reflects in its valuation the potential peak of the current market. The analyst notes that Jensen Huang is positioning the company toward new frontiers such as robotics and automotive, though he acknowledges uncertainty about the timing of these opportunities.

AMD and competitors intensify pressure

The AI ecosystem is far from being a Nvidia monopoly. Lisa Su, CEO of AMD, introduced the concept of “yottaflop” computational power right after the keynote, anticipating the next generation of hardware. Despite Nvidia’s current leadership, Ives warns that the market underestimates AMD’s potential to play a significant role in the evolution of artificial intelligence. Competition is intensifying, and stock prices may not reflect this dynamic.

Infrastructure: the critical but risky link

Companies like CoreWeave and Oracle emerge as peripheral players with high-risk strategies. Luria gave a “reluctant upgrade” to CoreWeave but remains cautious about the model of taking on debt to expand capacity. He warns that this speculative approach could harm shareholders. The infrastructure behind the chips is as crucial as the chips themselves, but its builders navigate volatile territory.

External catalysts that no one ignores

Gil Luria identifies OpenAI as the next major catalyst. Its plans to raise 100 billion in equity, seeking a valuation between 750 and 830 billion by the end of March, could significantly accelerate investment in AI infrastructure. If funds flow in, Nvidia’s Rubin chips demand could exceed expectations. But if the funding climate cools, projections might not be met. The next wave of AI innovation will depend both on external decisions and Jensen Huang’s spectacular presentations.

The outlook: optimism tempered with uncertainty

Wall Street debates between two scenarios: one of limitless expansion driven by massive investment, and another of maturation where speculation hits its limits. Nvidia remains a central player, but its future will be determined not only by Jensen Huang’s technology but also by how competition evolves, capital availability, and the infrastructure ecosystem’s capacity to sustain growth.