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

Even if ChatGPT never existed, the tech giant NVIDIA would still be winning. The end of Moore’s Law—says NVIDIA President, Founder, and CEO Jensen Huang—makes the shift to accelerated computing inevitable, regardless of any talk of an AI “bubble.” Sarah Guo and Elad Gil are joined by Jensen Huang for a wide-ranging discussion on the state of artificial intelligence as we begin 2026. Jensen reflects on the biggest surprises of 2025, including the rapid improvements in reasoning, as well as the profitability of inference tokens. He also talks about why AI will increase productivity without necessarily taking away jobs, and how physical AI and robotics can help to solve labor shortages. Finally, Jensen shares his 2026 outlook, including why he’s optimistic about US-China relations, why open source remains essential for keeping the US competitive, and which sectors are due for their “ChatGPT moment.” 

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Chapters:

00:00 – Jensen Huang Introduction

00:17 – Biggest AI Surprises of 2025

04:12 – AI and Jobs: New Infrastructure and Demand for Skilled Labor

09:03 – Task vs. Purpose Framework in Labor

12:31 – Solving Labor Shortages with Robotics

15:14 – The Layer Cake of AI Technology

18:39 – The Importance of Open Source

21:52 – The Myth of “God AI” and Monolithic Models

23:54 – Addressing the “Doomer” Narrative and Regulation

29:25 – The Plummeting Cost of Compute and Tokenomics

35:09 – The Return to Research

37:49 – Future of Coding and Software Engineering

43:20 – The Industries Due For Their “ChatGPT” Moments

46:00 – The Evolution of Self-Driving Cars and Robotics

54:06 – Energy Demand and Growth for AI

58:49 – 2026 Outlook: US-China Relations and Geopolitics

1:04:43 – Is There An AI Bubble?

1:16:20 – Conclusion