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On NVIDIA’s August 27, 2025 earnings call, CEO Jensen Huang said, “The AI race is on,” as he argued that demand for AI infrastructure would keep growing. His confidence came amid public concern that investors may be overestimating AI’s prospects—and alongside a near-term sales outlook that excluded potential China revenue.
What Huang meant by “the AI race is on”
Huang made the remark while closing his prepared comments after NVIDIA reported results for its fiscal second quarter of 2026, which ended in late July 2025. He described Blackwell as NVIDIA’s next-generation AI platform and framed the expansion of AI infrastructure as a new industrial revolution. “A new industrial revolution has started. The AI race is on,” he said. The earnings-call transcript preserves the line in context.
His argument was that building and operating AI systems would require large, continuing investments in data centers and related infrastructure. Huang said large hyperscalers’ capital expenditure had doubled in two years and was running at about $600 billion annually. That was his characterization on the call, not an independently audited measure of all AI spending.
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What NVIDIA reported—and what Huang forecast
NVIDIA’s quarterly results showed rapid growth in sales, while Huang’s much larger figure described a forward-looking estimate for infrastructure construction across the global market.
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| Figure | What it represents | Attribution and qualification |
|---|---|---|
| $46.74 billion in revenue, up 56% year over year | NVIDIA’s reported fiscal Q2 2026 revenue | ITPro’s August 28, 2025 report; The National reported $46.73 billion, a small difference likely reflecting rounding or reporting precision. ITPro and The National |
| $41.1 billion in data-center sales, up 56% | Revenue from NVIDIA’s data-center business | Reported by ITPro and The National; The National said it was slightly below Wall Street estimates. ITPro and The National |
| $26.42 billion in net income, up 59% year over year | Net income for the three months to the end of July 2025 | Reported by The National. The National |
| $3 trillion to $4 trillion | Global AI-factory build-out through the end of the decade | Huang’s forward-looking company outlook on the August 27, 2025 call—not spending already completed or an independent forecast. Transcript |
Huang said NVIDIA’s Blackwell and Rubin platforms would scale into that projected build-out. He also described the immediate market as having everything “sold out.” Both statements express the company’s view of demand; they do not establish how much infrastructure spending will ultimately occur or whether customers will earn adequate returns on it.
Why investors were debating an AI bubble
ITPro described Huang’s position as bullish against growing concern that enthusiasm for AI had pushed expectations too high. The debate intensified after OpenAI CEO Sam Altman remarked that investors were overexcited about AI, according to ITPro’s contemporaneous report.
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Calling the market a bubble is not the same as showing that one exists. The underlying question is whether spending on AI systems will generate enough useful output and financial returns to justify the infrastructure costs and valuations built around expected growth. Huang’s sales and spending claims support the case that demand was strong at the time; they do not independently resolve the question of long-term returns. The reported figures here do not quantify the returns businesses are realizing from AI adoption.
China revenue made the near-term outlook less certain
NVIDIA’s long-term demand argument did not eliminate near-term risks. The company’s third-quarter sales outlook excluded potential China revenue. Reuters reported that NVIDIA shares fell after investors viewed the outlook as tepid and noted the exclusion of possible China sales. Reuters’ report covered that market reaction.
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The National reported that the outlook assumed no H20 shipments to China. It also quoted Huang saying NVIDIA had delivered a record quarter without China and guided for another record quarter without China. Those were August 2025 statements, not a guarantee that export restrictions or market access would have no effect on later results. The National
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read the headline today
The headline refers to Huang’s August 27, 2025 call and reporting published the following day, after NVIDIA’s fiscal Q2 2026 results. It is not a new statement or a current forecast. The distinction matters: the quarter’s strong growth was a realized result, the $3 trillion-to-$4 trillion estimate was Huang’s long-term outlook, and the next-quarter guidance carried a China-related exclusion. Those points describe the company’s position at the time without proving whether the AI investment boom will ultimately deliver sufficient returns.
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