Nvidia’s ‘Golden Age’ Is Just Getting Started

Nvidia's stock has surged 18% year-to-date, despite volatility, as the artificial intelligence (AI) boom enters a golden age according to CEO Jensen Huang. Demand for AI infrastructure is spreading beyond hyperscalers, with Nvidia's chips, networking products, and software gaining traction among AI startups, enterprises, sovereign governments, and cloud providers.

Huang highlighted the diversification of new frontier labs, startups, open-model developers, and physical AI applications, suggesting a more robust growth story for Nvidia. Despite high valuation, Nvidia's forward earnings multiple of 24.3 and PEG ratio near 0.6 indicate potential for continued growth. The upcoming Vera Rubin platform, now in full production, is set to accelerate Nvidia's AI infrastructure business, with partnerships including CoreWeave, Google Cloud, Microsoft Azure, and Oracle Cloud Infrastructure.

Nvidia is also expanding into inference, agentic AI, robotics, networking, sovereign AI infrastructure, and physical AI, bolstering the golden age narrative.