There is no artificial intelligence bubble

On Wednesday, Nvidia, the world leader in artificial intelligence computing, reported its third-quarter numbers, blowing past Wall Street’s revenue and earnings expectations and issuing a stronger-than-expected forecast for the current quarter. CEO Jensen Huang described demand for the company’s newest generation of accelerated computing chips, Blackwell, as “off the charts.”

Demand exceeds supply for Nvidia’s chips by a ratio of 12:1. A few weeks ago, Huang said Nvidia already sold out of accelerated computing chips for the next two years. Nvidia does not see an AI bubble. Wall Street analysts and a few media commentators who insist otherwise are wrong.