NVIDIA’s Jensen Huang on Reasoning Models, Robotics, and Refuting the “AI Bubble” Narrative

Vincent, thanks so much for joining us today. So great to have you guys. What an amazing year. What a year. Happy Hanukkah. Merry Christmas. Happy New Year coming up. Yep. Happy holidays. Yeah. So, with everything that's happened in 2025, and, you know, being in the middle of the vortex with it, what do you reflect on and say, like, this surprised you most or this is the biggest change? Let's see. There there's some things that didn't surprise me. Like, for example, the scaling laws didn't surprise me because we already knew about that. The technology advancement didn't surprise me. I was pleased with the improvements of grounding. I was pleased with the improvements of reasoning. I was pleased with the, the connection of all of the models to to to search. I'm pleased that it that, there are now routers that are in front of these models so that it could, depending on the confidence of the answers, go off and do necessary research and and just generally improve the quality and the accuracy of answers. Mhmm. I'm hugely proud of that. I think the whole industry addressed one of the biggest skeptical responses of AI, which is hallucination and, generating gibberish and all of that stuff. I I thought that this year, the whole industry, everything from every end every field, from language to vision to robotics to self driving cars, the the application of reasoning and the grounding of the of of of of the answers, big big leaps, would you guys say, this year? A good job. I mean, things like open evidence too for medical information where doctors are not really using that as a trusted resource. Like, you Harvey for legal, you're you're really starting to see AI emerge as one of these things become a trusted tool or counterparty for, you know, experts to actually be able to do what they do much better. That's that's right. And so so in a lot of ways, I was expecting it, but I'm still pleased by it. I'm proud of it. I'm proud of all of the industries work in this area. I'm really pleased and and, and probably a little bit surprised, in fact, that token generation rate for inference, especially reasoning tokens, are growing so fast, several exponentials at the same times, that seems. And, and I'm so pleased that that these tokens are now profitable, that people are generating I heard somebody, or hurts heard today that that Open Evidence, speaking of them, 90% gross margins. I mean, those are very profitable tokens. Yeah. And so they're obviously doing very profitable work, very valuable work. Cursor, their margins are great. Claude's margins are great. For the enterprise use of OpenAI, their margins are great. So anyways, it's really terrific to see that that, we're now generating tokens that are sufficiently good, so good in value that that people are willing to pay good money for. And so I I think …