Morgan Stanley TMT Conference 2026 | Jensen Huang on AI, Compute, Tokens and the New Global Economy

NVIDIA's CEO Jensen Huang discusses the company's 33-year journey, from video games to AI, emphasizing its full-stack approach and contributions to system architecture. Huang highlights three AI inflection points: generative AI, reasoning, and AI's ability to use tools, noting OpenCLAW's rapid adoption. He frames AI factories as token-producing facilities, where compute directly correlates with revenue and GDP, and underscores NVIDIA's tokens-per-watt advantage. Huang predicts that every software company will become agentic, consuming tokens and driving industry growth, and also touches on physical AI, autonomous AI, and digital biology AI. He also mentions NVIDIA's investments in OpenAI and its expansion of capacity to AWS.