If an AI bubble is coming, Nvidia CEO Jensen Huang doesn't seem worried about it. While Nvidia has the most to gain from AI and the most to lose from an AI bubble, it beat earnings expectations Wednesday. Huang said there is no sign of AI revenue slowing down.

“The opportunity ahead is immense,” is how Huang concluded Nvidia’s earnings call with investors. “A new industrial revolution has started. The AI race is on.”

Other times on the call, Huang said, “The last year, AI has made tremendous progress” and “we’re in the beginning of this build-out.”

Nvidia beat expectations on revenue of $46.7 billion in the quarter (up 56% year-over-year) and earnings per share of $1.05. Nvidia profit increased more than 59% to $26.42 billion. It also forecast revenue for around $54 billion this quarter, also beating analysts’ expectations.

Huang predicted that overall spending on AI infrastructure would hit $3 trillion to $4 trillion by the end of the decade. Much of this growth will be driven by agentic AI.

“The amount of computation that has resulted in agentic AI has grown tremendously,” he said. “And of course, the effectiveness has also grown tremendously. In last year, AI has made tremendous progress and agentic systems, reasoning systems are completely revolutionary.”

Others who sell AI technology also expect accelerated growth. Nutanix CEO Rajiv Ramaswami – whose company sells a GPT-in-a-Box product, said AI is still early in the adoption cycle.

“I feel like we're still in the early days, especially when it comes to inferencing and using these AI models,” Ramaswami said in a briefing after Nutanix’s earnings call. “A lot of people are still experimenting and haven't moved into massive production use cases. There was a lot of investment that has gone into creating these models and training these models. The next thing is going to be whether these models will solve real life problems and help make things better or faster or more agile, or make people more productive or automate more. I think that's the journey in front of us.”