Nvidia’s Next Big Market
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What is the main topic discussed in this episode?
So who was building robotic inference chips in 2017 when there was no robotics industry trying to buy this stuff? It was Jensen and it was Nvidia. I've talked to maybe 40 robotics manufacturers in the past three or four months. Every single one without exception runs on an Nvidia Thor Jensen chip in its brain. He's a monopoly on the robotics inference market, which did not exist until he invented it.
That was Stephen Witt, author of The Thinking Machine, Jensen Wong, NVIDIA, and the world's most coveted microchip. I'm Motley Fool producer Matt Greer. Motley Fool Chief Investment Officer Andy Cross recently talked with Witt at our Motley Fool One member event in San Diego. It was a great conversation. It covered a lot of ground, including the current state of NVIDIA, what really drives Jensen Wong, and why robotics might be NVIDIA's next big market.
What is the current state of Nvidia in the market?
Enjoy.
Early in his career, Stephen worked for a hedge fund. His writing has appeared in the New Yorker, the Financial Times, New York Magazine, the Wall Street Journal, Rolling Stone, GQ, and his book right there, The Thinking Machine, Jensen Huang, NVIDIA, and the world's most coveted microchip, won the 2025 Financial Times and Schroeder's Business Books of the Year. Stephen Witt, thank you for being here. Stephen and I talked about it a year ago. You can find that on the Fool website. We had a great conversation about NVIDIA. And Stephen, I just want to start off with, it's clearly one of the, if not the most important company in the world, but what is the current story about NVIDIA right now? What are you seeing about NVIDIA in the market?
Are we in an AI bubble according to Nvidia's perspective?
Right, so probably the most important thing is like, are we in an AI bubble, right? Like is this, so NVIDIA is not actually overvalued in classic metrics, right? It's 4P is 21, which is not some insane number. The question is, is that EE sustainable? Will it materialize, right? And so Jensen has spent the last year trying to more or less guarantee that it will. The big thing that has happened since my book came out is obviously we've had the Trump administration come in and Jensen has got really personally close to Trump. They've appeared in public six or seven times. You know, all of the Silicon Valley guys went towards Trump, but Jensen went towards him the most aggressively. And if I'm being real, I think he's been maybe the best at sort of
manipulated Trump to get what he wants out of him. He's extraordinarily skilled at that. And Trump is, you know, somewhat erratic figure. He's difficult to predict what he's going to do. But so far, every decision he's made at the geopolitical level has been in line with Jensen's interests, which is pretty extraordinary. You know, leaving aside Iran and stuff, but all of the stuff in Asia has benefited Jensen. He lifted the chip banned on Chinese sales. He kind of has been involved in kind of not putting tariffs on Taiwanese semiconductors. And then probably most importantly for Jensen, he's allowed or continued to allow kind of the H1B visa holders to come into Jensen's company. If you go to Nvidia now and look around the workforce, I would guess fewer than 50% of the people in the company were born.
in the United States. It's just this incredible agglomeration of worldwide engineering talent from Asia, from Europe, Middle East, all over. And that's what makes NVIDIA work. It looks like a company that sells microchips, but they are in fact a large and sophisticated R&D laboratory on the order of something like Bell Labs, but they're much better at commercializing their products.
That's incredible. What is the statistic about how many millionaires and billionaires are inside the NVIDIA company today or the estimates of that? It's funny.
I'll give a long answer.
How has Jensen Huang positioned Nvidia for future growth?
In 2005, you recommended the stock. It looked terrible for the first probably six or seven years you recommended it. In 2008, their stock went down 80 percent. People inside the company were growing upset because they purchased stock via the ESOP and they were like, I'm really underwater here, what do we do?
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:01–1:04
2
What is the current state of Nvidia in the market?
1:04–1:45
3
Are we in an AI bubble according to Nvidia's perspective?
1:45–3:48
4
How has Jensen Huang positioned Nvidia for future growth?
3:48–6:57
5
What role does Jensen Huang's leadership play in Nvidia's success?
6:57–9:28
6
How did Nvidia create a monopoly in the robotics inference market?
9:28–13:22
7
What is the significance of the $0 billion market for Nvidia?
13:22–15:39
8
How does Jensen Huang's approach to risk impact Nvidia's strategy?
15:39–18:01