NVIDIA's fiscal 2026 letter from Jensen Huang

About this letter

Jensen Huang, NVIDIA's founder and chief executive, wrote this letter to 'NVIDIANs and Stakeholders' for the company's annual report, which brings together the notice of its 2026 annual meeting, the proxy statement and the form 10-K. The letter is dated May 2026 and covers fiscal 2026.

Huang argues that computing is undergoing a complete reset not seen since IBM introduced the System/360 in 1964, moving from computers as tools to a new kind of infrastructure that manufactures intelligence. He describes AI as a new industry built in five layers, from energy and chips through infrastructure and models to applications at the top, and reports a year in which revenue grew 65 percent to $216 billion. He then turns to AI factories, the American manufacturing buildout, enterprise agents, open models, AI as national infrastructure and physical AI.

What to notice

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   Huang says inference has overtaken training as the dominant workload, and describes a flywheel: capable agents generate more tokens, more tokens need more compute, and more compute produces smarter AI and further demand.

“A computer used to be a tool. In the age of AI, it is manufacturing equipment.”