Jensen Huang proclaims "Inference is revenue," and NVIDIA's computing power hegemony is just beginning.

NVIDIA has delivered another record-breaking earnings report.

After the US stock market closed on February 25th, NVIDIA announced its latest quarterly revenue reached $68 billion and provided strong guidance. However, in a dramatic turn, the stock price surged over 4% after the earnings release but turned negative following the conference call. The market's hesitation precisely exposes the greatest divergence regarding the future of AI.

And during the conference call, the remarks from NVIDIA CEO Jensen Huang might be the signal truly worth pondering repeatedly.

He said: "The inflection point for Agentic AI has arrived."

What is Agentic AI? It's not the ChatGPT that chats with you, nor is it the Midjourney that draws pictures. It's AI capable of autonomous decision-making and task execution—a true "digital employee." When companies begin deploying these digital employees on a large scale, they need to generate massive amounts of Tokens, and behind every Token is computing power being consumed.

Jensen Huang's logic is extremely clear and also extremely cold: without computing power, you cannot generate Tokens; without Tokens, you cannot achieve revenue growth. The massive capital expenditures that cloud service providers are pouring in today will ultimately be directly converted into revenue.

In other words, computing power is no longer a cost, but the fuel for the money-printing machine.

He added another point: "The current space data center economy is still barren." In Jensen Huang's eyes, today's AI infrastructure is like the early Wild West—desolate, empty, and no one knows how to make money. But he is certain that the situation will change, and it is changing.

Most notably, NVIDIA confirmed it is close to finalizing a massive infrastructure cooperation deal with OpenAI, with order demand already scheduled into 2027. The GPUs you cannot buy today have already been pre-ordered for three years later.

Jensen Huang had actually given the answer long ago. Last year, he said something that was considered mere rhetoric at the time, but looking back now, it was prophetic: "We are creating a new means of production, called computing power." Not a tool, but a means of production. Whoever controls computing power controls the power of distribution.

Wall Street is now divided into two camps. One believes AI is a bubble, and capital expenditure is unsustainable; the other believes AI is infrastructure, and we are only in the very earliest stages of its construction. Jensen Huang is clearly in the latter camp. He compares data centers to "barren space," meaning: you think it's desolate because you haven't yet seen what can be grown in space.

If in the future every enterprise needs its own digital employees, and if every digital employee needs to consume massive amounts of Tokens daily, then NVIDIA selling the shovels, the cloud providers mining for gold, the enterprises using AI, and even every ordinary person will be swept into this transformation.

Jensen Huang had another statement that, looking back today, might be the most accurate prophecy: "We're not selling chips, we're building time machines."

Computing power is the ticket to the future. Some are still hesitating whether to buy a ticket, while others have already taken a seat in the cockpit.