Tech companies are spending an unprecedented $700 billion this year on AI data centers. Nvidia’s Jensen Huang says we’re not anywhere near the peak

Nvidia CEO Jensen Huang’s comments on his company’s Q4 earnings call on Wednesday may one day be remembered as the peak of the AI bubble—the classic moment that occurs in every bubble when hubris and self-delusion overtake common sense.

For that not to be the case, it would mean that, beginning in 2026, the U.S. embarked on one of the greatest and most unprecedented economic expansions in history.

It’s a scenario that Huang clearly believes in. His message to investors on Wednesday...