# Nvidia's Jensen Huang says its business doesn't hinge on two AI labs

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[News](https://realalpha.app/news/) · BG2

By [Rushabh Sheth](https://realalpha.app/news/authors/rushabh-sheth/) Oct. 22, 2026, 11:53 p.m. ET

Jensen Huang, who runs Nvidia, said Nvidia's business rests on three large segments, not on a couple of AI labs. He said so on the podcast BG2, in an episode posted Thursday, Oct. 15.

This matters to anyone with savings in an index fund, since Nvidia is one of the biggest companies in the stock market. Huge spending on AI buildings and chips depends on whether the demand is broad. Huang says it is.

He said about a third of Nvidia's business is older computing work like fraud detection, recommendations and science simulations. That has nothing to do with AI labs, he said, and he put its growth at 30% to 40% a year. He put the big AI labs at a quarter to 30% of the chips Nvidia sells. Another third, he said, is thousands of startups that rent Nvidia computers. Of the labs, he said this.

"people see a couple of labs, but I see more than that. I see five, six labs." That starts at 1:03:59.

[Yahoo Finance](https://finance.yahoo.com/technology/ai/articles/jensen-huang-declares-nvidia-win-161237132.html) covered the remarks in a story headlined "Jensen Huang Declares NVIDIA Can Win 'in the Absence of Any AI Labs'." It reports that Huang said a third of the business grows 30% to 40% a year with no AI labs involved.

These are Huang's own numbers and his own forecast. Nvidia sells the chips in question, and he said Nvidia makes up about 80% of AI infrastructure revenue. He didn't say how the startups pay for their rentals.

Watch the 4 minutes where he lays out the three segments. [1:01:57](https://realalpha.app/v/eS7qQ3WJSrw/?t=3717)

## Sources

- The moment: [Jensen Huang | Does AI Revenue Justify Capex, '27 AI Bottlenecks, Singularity, Open vs Closed & more](https://realalpha.app/s/nvidia-demand-rests-on-three-segments-not-two-ai-labs/?t=3839), BG2, Oct. 15, 2026, from 1:01:57 to 1:06:10
- The story: [Jensen Huang Declares NVIDIA Can Win “in the Absence of Any AI Labs”](https://finance.yahoo.com/technology/ai/articles/jensen-huang-declares-nvidia-win-161237132.html), Yahoo Finance, Oct. 19, 2026
- Earlier from Jensen Huang: [Putting CUDA on GeForce nearly sank NVIDIA, but install base won](https://realalpha.app/s/putting-cuda-on-geforce-nearly-sank-nvidia-but-install-base/), Lex Fridman Podcast, Mar 2026
- Earlier from Jensen Huang: [Test every plan against the speed of light, not continuous improvement](https://realalpha.app/s/test-every-plan-against-the-speed-of-light-not-continuous/), Lex Fridman Podcast, Mar 2026
- Earlier from Jensen Huang: [The power grid sits mostly idle, and data centers could use that slack](https://realalpha.app/s/the-power-grid-sits-mostly-idle-and-data-centers-could-use/), Lex Fridman Podcast, Mar 2026

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