Huang Renxun GTC speech: Reshaping Nvidia's valuation logic, driving the stock price behind trillion dollar expectations 1、 Speech Core This GTC is essentially not a technical press conference, but a narrative reconstruction around stock prices and valuation systems. Huang Renxun's goal is very clear, to make the market believe that Nvidia is no longer a cyclical semiconductor company, but a long-term AI infrastructure platform 2、 Key statement: Trillion dollar demand anchoring valuation space Huang Renxun has raised his demand forecast for 2027 to at least $1 trillion, which directly serves the management of capital market expectations Its significance lies not in precision, but in reopening the space of imagination. Compared to the market space of tens to billions of dollars for traditional semiconductor companies, this statement anchors Nvidia at the level of 'next-generation energy grade infrastructure' The short-term rise in stock prices is essentially an immediate pricing of this expectation 3、 The New Logic Behind Stock Prices: From Selling Chips to Selling 'Revenue Capacity' Huang Renxun's proposal of Token Factory is essentially talking about a model that is more easily accepted by the capital market Data centers are no longer cost centers, but cash flow machines. The measurement standard changes from the shipment volume to the revenue capacity corresponding to the unit of electricity This directly changes the valuation method, shifting from hardware cycles to long-term cash flow discounting logic similar to cloud computing 4、 Core support for sustained growth The three supporting logics provided by Huang Renxun are all aimed at serving the rationality of high valuations On the demand side, inference leads to a continuous explosion of computing power consumption On the supply side, Nvidia systems have the lowest cost and highest versatility 3/Commercial end, Token tiered pricing opens up profit margins These three combinations form a narrative loop for the continued upward trend of stock prices 5、 Why does the market buy What the market truly cares about is not technology, but two issues Has the growth peaked Is the profit margin sustainable Huang Renxun's answer is that through system level performance improvement and tiered pricing mechanisms, the same electricity can continue to generate higher revenue, thereby extending the growth cycle and enhancing profitability This has caused Nvidia to shift from a "high growth company" to a "high-quality growth company", and the valuation center has naturally shifted upwards 6、 Brief judgment In the short term, this speech has strengthened the market's confidence in the sustainability of high growth and boosted stock price sentiment In the medium term, the key is not whether $1 trillion has been realized, but whether the Token Factory model has been validated by customers If this model holds true, Nvidia's valuation framework will be closer to that of a cloud infrastructure company rather than a chip company, and the stock price ceiling will also rise accordingly @MSX_CN, as a US stock token trading platform, can directly participate in Nvidia's US stock token trading, allowing high-quality assets to circulate https://(msx.com)/? code=Hl6B41