Nvidia CEO Jensen Huang rejected claims that the chipmaker is artificially creating demand by financing companies and infrastructure projects that use Nvidia technology. Speaking Thursday at Goldman Sachs’ Communacopia + Technology Conference, Huang said Nvidia contributes relatively little capital compared with the business generated, describing the ratio as one invested for 100 returned. He said Nvidia can see about $100 billion of contracted customer demand behind supported projects and characterized the strategy as necessary to build a global network of newer cloud providers that distribute Nvidia’s architecture. Nvidia disclosed $99 billion of equity investments as of July 26 and $25 billion of future investment commitments. Its commitments include a $2 billion January investment in CoreWeave and guarantees of up to $105 billion for an Ohio data center campus that OpenAI would lease and operate on Nvidia chips, with total guarantees potentially reaching $108.5 billion. Critics including Jim Chanos and Michael Burry argue the arrangements could blur the line between organic chip demand and demand enabled by Nvidia’s capital, particularly if AI spending slows. Prediction-market traders nevertheless give Nvidia a 79% chance of ending 2026 as the world’s largest company by market capitalization. The company’s second-quarter revenue rose 106% year over year to $96.2 billion, while data center revenue increased 117% to $89 billion.