Letter

NVIDIA's fiscal 2026 letter from Jensen Huang

Jensen Huang · 2026

NVIDIA's founder sets out how he thinks about the economics of AI factories and tokens, direct context for anyone covering semiconductors, data centres or technology investing.

• Artificial intelligence
• Careers
• Technology
• Growth and business models

2 ideas from this letter

• FrameworkArtificial intelligence located

  Coding is a task and innovation is the purpose: automate the task, keep the job

  Name the purpose of a job separately from its tasks; automation changes the tasks and leaves the purpose to be done better or worse.

  Answering what AI changes about an analyst role, planning a career, or assessing headcount claims in a bank.

• Company insightArtificial intelligence located

  Inference has overtaken training, and the flywheel runs on tokens

  A compute vendor's case is a flywheel from agents to tokens to compute; the buyer's case is the return on that compute, and both have to be read together.

  Semiconductor and data-centre coverage, technology investing, and any debate about AI capital spending.