A careful, thorough rebuttal of Jensen Huang

Well, Nvidia beat expectations again, sending me once more into Jesse Pinkman mode. Jensen Huang played it as cool as a Tom Ford leather jacket. But I’d like to refute his statement with a rigorous, line-by-line fisking. This took me several hours.

"AI has reached its inflection point.”

No it hasn’t.

“It's doing useful work.”

No it isn’t.

“Its tokens are productive and profitable.”

No they aren’t.

“Now, compute is revenue.”

Nuh-uh.

“And demand is accelerating.”

I disagree.

“This time last year, one lab alone was driving the build-out; today, we have a golden age of new AI labs and startups, multiple frontier labs scaling in parallel, a thriving open-model ecosystem, and physical AI coming online — with strong momentum across the U.S. and around the world.”

I don’t think this is true.

“The AI infrastructure build-out is at full steam.”

Hmm, how about… no.

“Vera Rubin, now in full production, was built to power exactly this moment.”

Sorry, no.

Whew! Somebody had to do the hard work on this one. I’m taking the rest of the week off.