Jensen Huang, CEO of Nvidia (NVDA), revealed at the GTC 2026 conference that cumulative market demand for Nvidia’s Blackwell and Rubin chips is expected to reach approximately $1 trillion by 2027. This figure represents a significant leap from the $500 billion demand he mentioned a year ago.
For investors, this statement may carry even greater significance than before. In recent months, valuations of several leading stocks in the AI infrastructure sector have experienced pullbacks, but Huang’s message is clear: AI demand remains robust. Nvidia is undoubtedly the most direct beneficiary, and during his keynote speech, he also specifically highlighted Dell Technologies (DELL) and Amazon (AMZN).
As a leader in the AI chip sector, Huang’s insights into procurement orders from top AI companies, research institutions, and sovereign nations signal significant growth for Nvidia’s business. Nvidia provides core components for AI data center construction, with a product line that includes various chips, networking components, and, most critically, the CUDA software platform. CUDA forms Nvidia’s core moat, enabling customers to optimize graphics processors for a variety of tasks, including large language model training.
Leveraging this advantage, Nvidia has achieved substantial profitability. Last year, the company’s revenue grew 65% year-over-year to $216 billion, converting $120 billion of that into profits. Although competitive risks from other chip manufacturers persist, Nvidia remains one of the most favored AI stocks among hedge funds. Currently, the stock trades at a forward price-to-earnings (P/E) ratio of just 22 times (based on this year’s earnings), while the consensus forward P/E for next year’s earnings is 17 times. If market demand remains as strong as Huang indicates, there is still upside potential for its stock price.
Strong demand for Nvidia’s graphics processors translates into a need for corresponding server racks. This is poised to drive more sales orders for Dell Technologies, a global leader in server supply. The growth in server orders is expected to bolster its stock price, which currently trades at a relatively modest forward P/E ratio of just 12 times.
Dell Technologies’ business is divided into two main segments: Infrastructure Solutions and Client Solutions. In recent years, the PC business has performed modestly, while the infrastructure segment has become a growth engine, with that segment’s revenue increasing 40% year-over-year to $61 billion last year. During his GTC 2026 keynote, Huang specifically highlighted Dell Technologies’ partnership with Palantir Technologies, underscoring Dell’s significant value within the broader AI ecosystem. In the fourth quarter, the company’s AI-optimized server revenue surged 342% year-over-year to $9 billion. Analysts expect the company’s earnings to grow at an average annual rate of 15% over the next few years.
In the AI infrastructure space, Amazon’s growth engine is Amazon Web Services (AWS), the world’s leading enterprise cloud platform. Last year, AWS growth accelerated, with fourth-quarter revenue increasing 24% year-over-year. Due to AI service demand temporarily exceeding data center capacity, AWS had to forgo some revenue in 2025. As Amazon continues to invest in expanding its computing capacity, this supply bottleneck is expected to ease.
Huang highlighted this opportunity at the GTC 2026 conference, noting that OpenAI’s recent partnership with AWS could drive “massive consumption” in cloud computing. OpenAI has selected AWS as the exclusive cloud provider for its Frontier enterprise platform, which is expected to generate sustained pay-as-you-go cloud spending, serving as a catalyst for Amazon’s growth, as AWS contributes approximately half of the company’s profits. Analysts project Amazon’s earnings will grow at an average annual rate of 18% over the next few years. Based on operating cash flow, the stock is currently valued at its lowest level in over a decade.
