Nvidia’s Jensen Huang says tech’s $700 billion AI capex is just the start of something far bigger

(Credit: Patrick T. Fallon—AFP/Getty Images)

Nvidia CEO Jensen Huang’s comments on his company’s Q4 earnings call on Wednesday may one day be remembered as the peak of the AI bubble—the classic moment that occurs in every bubble when hubris and self-delusion overtake common sense.

For that not to be the case, it would mean that, beginning in 2026, the U.S. embarked on one of the greatest and most unprecedented economic expansions in history.