Podcast Summary: Bloomberg Talks
Episode: Nvidia CEO Jensen Huang Talks Upbeat Outlook, Blackwell Sales
Date: November 20, 2025
Host: Bloomberg Interviewer
Guest: Jensen Huang, CEO of Nvidia
Episode Overview
This episode features a candid conversation with Nvidia CEO Jensen Huang, focusing on Nvidia’s surging demand, product pipeline (particularly Blackwell and the forthcoming Vera Rubin), global sales complexities, supply chain management, and the future of AI compute. Huang addresses Nvidia’s handling of geopolitical obstacles, explosive market demand, and the technical/financial nuances that keep Nvidia at the forefront of AI hardware.
Key Discussion Points & Insights
1. Blackwell GPU Overwhelming Demand and Supply Chain Mastery
- Nvidia is “sold out” of Blackwell GPUs and cloud supply.
- Jensen emphasizes robust supply chain planning and credits partners like TSMC, Samsung, SK Hynix, Micron, Foxconn, and others for supporting this growth.
“Sales are off the charts for Blackwell and Nvidia GPUs in the Cloud are sold out. ...Business is very, very strong. But we've planned our supply chain incredibly well.”
— Jensen Huang [00:50] - Despite soaring demand, Nvidia is prepared to supply more Blackwells and is already preparing for the Vera Rubin ramp.
2. Vera Rubin Roadmap and Architectural Continuity
- Vera Rubin remains on schedule for a Q3 2026 launch, with “bring up” going smoothly across engineering teams.
“The silicon for Vera Rubin...is back in our labs and the bring up is happening...This bring up is going beautifully. We're on track to deliver Vera Rubin about Q3 timeframe of next year.”
— Jensen Huang [02:06] - The new rack scale architecture, featuring the fifth-gen NVLink72 scale-up switch, is described as “completely revolutionary” and provides seamless transition from preceding architectures.
“This rack architecture...is completely revolutionary...it is transitioned to Grace Blackwell Ultra...incredibly seamless. The same rack scale architecture is going to be used for Vera Rubin.”
— Jensen Huang [02:58]
3. China Market & Regulatory Headwinds
- Nvidia’s guidance assumes zero revenue from China due to U.S. export controls; engagement with both Chinese and U.S. governments is ongoing.
“Our forecast for China is zero. All of our forecast guidance that we showed zero, we should start. That's the most important thing that she [CFO Colette Kress] said.”
— Jensen Huang [04:16] - Huang stresses the global benefits of Nvidia’s tech in China, but confirms sales are on pause until restrictions are lifted.
4. U.S. Export Permissions & Preventing Diversion
- The U.S. Commerce Department’s recent approval allows Nvidia to export up to 35,000 Blackwell chips to Saudi Arabia and UAE, with strict anti-diversion precautions (especially concerning China).
“Over the years people have speculated about diversion...We've chased down every single concern...And so this is an area that we'll continue to be rigorous on.”
— Jensen Huang [06:20] - Nvidia complies through rigorous checking and technical safeguards to ensure chips reach their intended destinations.
5. The Power Constraint: Energy as a Bottleneck in AI Expansion
- Energy availability is a key constraint, even more so than hardware supply.
“When you're growing at the rate and scale of Nvidia...everything's a challenge...not to mention all around the world, our customer base, our network of partners is so large that we will find nooks and crannies of power...in different parts of the world.”
— Jensen Huang [07:28] - Nvidia leverages its global partner network to access energy resources and land needed for new data infrastructure.
6. Partnering with Hyper-scalers & AI Labs (OpenAI, Anthropic)
- Huang discusses capital discipline in scaling up capacity for AI labs like OpenAI and Anthropic.
“The ambition is large, but the execution is disciplined. That's really, really important to recognize. We're very disciplined with our investment, we're disciplined with our build out.”
— Jensen Huang [10:00] - Demand is “absolutely real and incredible,” and Nvidia works to optimize capacity use amid exponential demand growth.
7. The Longevity & Depreciation of Nvidia GPUs
- Huang addresses concerns that investors may underestimate the useful lifespan of Nvidia's chips.
“If you look at products that we shipped—Ampere A100—we shipped six years ago. ...It is still an order of a magnitude faster than any CPU...it is still the best processor for much of the workload in the cloud.”
— Jensen Huang [12:23] - He asserts Nvidia’s value comes from software versatility (CUDA) and compatibility with a wide spectrum of AI workloads, supporting a long useful life for each generation.
8. Cost Contribution in Data Centers
- Clarifying an earlier statement, Huang affirms that Nvidia’s typical contribution (e.g., to a 1 GW data center) is measured in billions of dollars, not as a percentage of cost.
“Billions of dollars. Yeah. And so for our Vera Rubin system, a 1 gigawatt data center is probably something along the lines of 50 to 55. And Nvidia's contribution is probably about 35 of that.”
— Jensen Huang [14:49]
Notable Quotes & Memorable Moments
- On China Forecasts:
“Our Nvidia's forecast for China market is zero. We're going to continue to engage the US government, continue to engage the China government to advise them and to encourage them to allow us to go back and compete in the open market. And so until then we should assume zero.”
— Jensen Huang [04:47] - On AI Demand Exponential Growth:
“You're seeing an exponential growth in the amount of compute demand necessary for AI... we've got to do our best to support the scaling out of two of the most consequential companies in history and we're delighted to be partnered with them.”
— Jensen Huang [11:36] - On Longevity of Nvidia Chips:
“Unlike us, most accelerators are kind of singular use because they don't have diversity, because they don't have versatility, because they're not great at every phase of AI. Once they're used for whatever they were designed to do, their value falls off a cliff. That is not true with Nvidia.”
— Jensen Huang [13:57] - On Data Center Costs:
“The difference between percentages and billions. A big deal. Yeah, it's in billions.”
— Jensen Huang [15:21]
Timestamps for Important Segments
- [00:50] Blackwell demand & supply chain preparation
- [02:06] Vera Rubin development update
- [04:16] China market commentary & regulatory outlook
- [06:20] Export permissions and compliance—no diversion policy
- [07:28] Power and energy as critical constraints
- [10:00] Partner discipline with OpenAI & Anthropic
- [12:23] GPU lifespan, software, and depreciation explained
- [14:49] Data center cost structure—clarifying Nvidia’s contribution
Conclusion
Jensen Huang presents Nvidia as a meticulously managed, innovation-driven company, prepared to face operational scale, geopolitical hurdles, and global energy challenges on its own terms. The interview vividly illustrates Nvidia’s centrality to the current and next waves of AI compute—and why its technology (and business model) are so robust in a rapidly changing world.