Nvidia Corp.’s chief executive Jensen Huang delivered a pointed message to Wall Street this week: the market failed to grasp the magnitude of his company’s latest earnings triumph. Speaking at a post-earnings gathering, Mr. Huang expressed frustration that investors didn’t fully appreciate the semiconductor giant’s blowout third-quarter results, which saw revenue surge past expectations amid unrelenting demand for artificial-intelligence chips.

The comments, made during an investor meeting shortly after Nvidia’s Nov. 19 earnings release, underscore the tension between the company’s stratospheric growth trajectory and a stock market grappling with lofty valuations and fears of an AI spending bubble. Nvidia’s shares, while rebounding in after-hours trading following the earnings beat, have faced volatility as analysts debate the sustainability of the AI boom fueling the chip maker’s ascent.

Record Results Amid High Stakes

Nvidia reported third-quarter revenue of $35.1 billion, topping Wall Street’s $34.5 billion forecast, with data-center sales–the lifeblood of its AI business–climbing 112% year over year. Chief financial officer Colette Kress highlighted the strength, noting Blackwell GPU demand as ‘off the charts.’ Mr. Huang echoed this optimism on the earnings call, projecting fourth-quarter revenue of about $32.5 billion, plus or minus 2%, and dismissing bubble talk outright.

In a Business Insider report, Mr. Huang stated the market ‘did not appreciate’ the quarter’s scale, pointing to a $500 billion backlog in chip orders spanning 2025 and 2026 that he revealed at Nvidia’s GTC conference last month. This order book, equivalent to roughly 15 times Nvidia’s trailing 12-month revenue, signals hyperscalers like Microsoft Corp. and Alphabet Inc. are committing massive capital to AI infrastructure.

Posts on X from Nvidia’s official account reinforced the momentum, touting over 6,000 CUDA-accelerated applications and 78% dominance of the Top500 supercomputer list with 388 GPU-powered systems delivering 4,500 exaFLOPS of AI performance.

Dismantling the AI Bubble Narrative

Mr. Huang offered a three-pronged defense against bubble concerns during the earnings call, as detailed in a CNBC analysis: first, the shift from legacy CPU systems to GPU-accelerated AI factories is just beginning; second, hyperscalers plan $300 billion in 2025 AI capex; and third, Nvidia’s full-stack platform–from compute to networking–unifies innovation at a one-year cadence, from Blackwell to upcoming Rubin and Feynman architectures.

‘We see something very different’ from a bubble, Mr. Huang insisted, emphasizing sustainable growth driven by AI’s productivity revolution across industries like robotics and quantum computing. A Guardian article quoted him quelling Wall Street fears: ‘We excel at every phase of AI.’

The executive’s confidence extends to supply chain resilience, with Blackwell production ramping and partnerships bolstering U.S. AI leadership. Nvidia’s surprise appearance at SC25, where Mr. Huang distributed DGX Sparks systems, highlighted its grip on high-performance computing.

Q4 Outlook: ‘Crazy Good’ Projections

Looking ahead, Mr. Huang forecasted a ‘crazy good’ fourth quarter in a Fox Business interview, per a Fox Business update, with revenue potentially hitting $65 billion as Blackwell shipments accelerate. This guidance, from an Investing.com transcript of the earnings call, projects margins holding steady amid soaring demand.

Analysts, adjusting targets upward, now eye Nvidia’s $500 billion pipeline–dubbed ‘half a trillion’ by Mr. Huang–as a multi-year tailwind. A CNBC preview noted this figure, disclosed at GTC Washington, D.C., as booked business underscoring AI’s reindustrialization wave.

Yet challenges loom: U.S.-China trade tensions, with Mr. Huang partnering with President Trump on export controls, as reported by The New York Times. Nvidia’s domestic manufacturing push aligns with policy shifts.

Geopolitical Ties and Supply Realities

Mr. Huang’s rapport with Trump has elevated Nvidia in trade talks, leveraging its chips for diplomacy. The Times detailed how over 10 months, the duo collaborated on AI as a peace and export tool. Meanwhile, CEO stock sales–about $13 million daily for months, per Moneycontrol–reflect personal portfolio management amid a $5 trillion market cap.

Supply constraints persist, but Nvidia’s CUDA ecosystem, with 7 million developers and 600 million downloads, cements its moat. X posts from Nvidia celebrated CES 2025 keynotes and APEC visions for AI robotics, signaling diversification beyond data centers.

Investor sentiment on X buzzed post-earnings, with Nvidia’s stock popping 5% after hours on stronger-than-expected forecasts, per Business Insider.

Blackwell Ramp and Beyond

Blackwell’s ‘off the charts’ sales, as Mr. Huang told CNBC, propel Nvidia into 2026, with Rubin platform innovations targeting agentic AI and physical simulations. The company’s 85% share of Top100 HPC GPUs flips 2019’s CPU dominance, powering 300,000+ GPUs in new supercomputers.

For industry insiders, Nvidia’s rhythm–Volta to Feynman–delivers compounded leaps: 30x AI performance per generation. Partnerships at GTC and SC25, from quantum to CFD, position it as AI’s operating system.

Mr. Huang’s market critique signals conviction: Wall Street’s caution undervalues a transformation rivaling the internet era. As AI factories proliferate, Nvidia’s trajectory points to enduring leadership.