Jensen Huang’s keynote reinforced that Nvidia’s product roadmap remains years ahead of AMD and custom silicon. He also provided further support for his recent earnings call comments, emphasizing that the AI infrastructure buildout is still in its early stages. However, the optimistic outlook was met with some skepticism, as investor focus shifts to the next critical datapoint on the health of the AI trade: hyperscaler CapEx reports due in late April. I continue to believe the AI buildout remains in its infancy, positioning Nvidia to be a multi-year beneficiary.

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Nvidia's January quarter and April guidance marked a transition from a company reporting breathtaking upside to one delivering modest upside. This shift supports the narrative that Nvidia's best days are behind it. However, I believe Jensen is on the right track in claiming that reasoning increasingly drives a 100x increase in demand for compute. If true, the company will return to reporting impressive upside in CY26.

This year’s shareholder meeting had a scripted tone, offering no new business updates. Gone are the days of free-flowing Q&A sessions that once made headlines. This shift has transformed the meeting into a forum aimed at aligning investors with the company’s vision. Apple’s focus remains unchanged: building the world’s best devices and services while integrating AI into its core. The market responded positively, with AAPL shares finishing the day flat, compared to the Nasdaq, which closed down 1.3%.

Apple is increasing its U.S. investment to $500B over the next four years, boosting annual spending by $39B compared to its 2021 commitment. However, the company was likely on track to increase spending by $20B annually to support natural business growth, meaning the true incremental investment is around $20B per year. The investment is the right move as it nearly eliminates tariff risks while expanding data centers, building a new manufacturing facility in Texas, and supporting AI infrastructure for Apple Intelligence.

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All four key hyperscalers guided CapEx spending in 2025 to grow at a faster rate than previously anticipated before the DeepSeek scare. This signals that the most advanced AI companies in the world believe the path to AGI will demand an obscene amount of hardware. Yet, despite this clear trajectory, many AI hardware companies are still struggling to recover from the losses triggered by DeepSeek.