Its clear for everyone to see, but few to believe?
On March 16th, 2026, Jensen Huang took stage to present the GTC Annual Conference, where he laid out a very important information about the state of business.
We believe the market did not processed Jensen Huang firm orders commentary, or if it did, then it choose to not price in, which we believe is a compelling buy opportunity as these deliveries roll out in the next 21 months!
Important to Note Jensen’s several “caveats”:
- The $ 500 bi guidance for 2025-2026 included only Blackwell and Rubin. The new guidance for Blackwell and Rubin (apples to apples) is the $ 1 trillion.
- In the Q&A Session of the event, Jensen explicitly explained that there are more to be sold in the next 21 months that could ad to this “$ 1 trillion plus”.
- Other explicitly caveat was that if we include Rubin Ultra, Groq, CPU, Network, this could amount to $1,5 trillion! So we are not considering the very best scenario!
Most important, Jensen also hint us where all that demand will come from:
- 60% or $600 billion, for two years, from Hyperscalers, which we know for sure will be spending this lumpsum in a single year. We can even fingerpoint and estimate the amount from each since the last 2026 capex guidance with Amazon $ 200 bi; Google $ 180 bi; Microsoft $ 120 bi; Oracle $ 50 bi and CoreWeave $ 30 bi, or almost $ 700 bi in a single year, this year 2026. In this way Nvidia would account for 42% of Hyperscaler total capex (600/1.400). Jensen also included OpenAI and Anthropic, which may also contribute, but are still largely dependend on the Hyperscalers capital.
- 40% or $ 400 billion coming from corporate, which we have a good example from Meta, spending around $ 130 bi in 2026 and probably more in 2027, but here we can also compute every other big enterprise that wants to experiment with own infrastructure, but also we see a big demand from Governments for Sovereign AI.
So its not hard to believe that Jensen is for serious and this have a profound implication in valuation that we believe every one should be aware off!
What we believe the Revenue curve could be for Nvidia for the next 21 months
Please Follow Our Income Statements Estimates based on Jansen Comments:
We believe the company could worth $ 6,5 tri which in the next 2 years which would give a Price Target of $ 265,00 or 50% upside!
Note that we reduced the gross margins, which is more conservative, we also increase taxes, because we believe Nvidia will be a big winner and the government will try to capture that if it can. But we believe this was just to ad more conservatism to incredible high earnigns in sigh!
Disclaimer: We are buyers of Nvidia since 2022 and we are following this incredible ramp up that is consistently coming above our best expectations, which we believe will decelerate in 2027 as show in the chart above!
Few free to write us!
Thank you,
CoreValue Research
