Is there anyone who can rein in Jensen Huang?
Recently, the busiest thing for global investors is no longer reading financial reports.
Instead, it's tracking where Jensen Huang has gone today.
When he went to Taipei, the stocks of AI PCs rose. When he went to South Korea, the stocks of HBM rose.
Whomever he praised, their stocks rose. Whomever he mentioned, their stocks soared.
It seems that the global stock market has entered a new operating mechanism: Jensen Huang Economics.
1. $62.4 billion, the price of a single sentence
On June 2nd, the second day of the Taipei Computex exhibition, Jensen Huang and Marvell CEO Matt Murphy appeared on stage together.
He turned to the audience and said: the next trillion - dollar company, ladies and gentlemen.
The next day when the U.S. stock market opened, Marvell's stock price soared by 32.52%. Its market value jumped from $192 billion to $254 billion. In one trading day, its market value increased by $62.4 billion.
On the same day, Coherent rose 17%, Lumentum rose 14%, and Corning rose 13%. The entire optical communication chain took off comprehensively.
There was no performance guidance and no order announcements. Just because Jensen Huang said a single sentence, the capital market completed a re - pricing.
This is not the first time.
At the CES in January, he said that the new - generation Rubin chips did not require chilled water units. On that day, Johnson Controls' stock price plummeted by 11%, and Modine Manufacturing's stock price fell by 21%.
Amid the current explosion of the dual architectures of AI PCs and servers, Arm was mentioned by him twice, and its stock price rose by more than 270% within the year, with its market value exceeding $300 billion. Zhongji Innolight was defined by him as the "core supplier of the NVLink ecosystem" at the GTC, and its stock price hit the daily limit three times in three days.
A few years ago, this was almost unimaginable. A corporate CEO continuously affects not the stock price of his own company, but the capital flow of the entire industrial chain.
From GPUs to HBMs, from wafer foundries to AI PCs, from Taipei to South Korea to Japan, investors around the world are waiting for him to speak.
2. Why does the market trust him so much?
There have been many great CEOs in history, such as Gates, Jobs, Bezos, and Cook. No one can continuously influence the risk preference of the entire capital market like Jensen Huang today.
The problem is not what he said, but why the market is willing to believe him.
Today, Jensen Huang undoubtedly stands at the absolute geometric center of the global AI computing funnel.
Cloud providers are cooperating with him. Model companies are using his GPUs. Server manufacturers are designing products around his architecture. HBM manufacturers are expanding production according to his roadmap. Robotics companies are using his platform. Autonomous driving companies are deploying his chips.
No one else can see so much core information of the AI underlying industries at the same time. Nor can anyone else have access to the core decision - making layers of so many enterprises at the same time.
To put it directly, Jensen Huang has become the largest information hub in the AI era. The market assumes that he knows something that others don't know yet and sees some trends that others haven't seen yet.
So when he said that Marvell is the next trillion - dollar company, this is not a recommendation from an analyst. It is a public hint from a customer about the future procurement direction. NVIDIA's next - generation data center network system needs Marvell's optical interconnection chips.
When he said that the Arm architecture will open up a new $200 - billion market, NVIDIA is just designing Arm - based data center CPUs and PC chips. When he said that the new chips don't need chilled water units, the order expectations of the cooling supply chain were forcibly removed from the system architecture by a single sentence.
The market is not buying his views, but his decisions.
His words combine the triple identities of an analyst, a customer, and an industry planner. Each sentence is a judgment, an order preview, and an industrial roadmap for the top - level ecosystem at the same time.
This is almost unprecedented in business history.
3. His greatest strength is not selling GPUs
In the past two years, Jensen Huang has continuously created new concepts, such as AI Factory, Sovereign AI, AI PC... Every time a new concept emerges, the market gains a new space for imagination, new industrial chains, new valuation logics, and new capital stories.
Take Sovereign AI as an example. At the beginning of 2024, Jensen Huang first fully elaborated on this concept at the World Government Summit in Dubai. He said that each country should have its own AI infrastructure and should not export its national data and culture to others and then buy back AI from them.
After he said this, India, Japan, France, Canada, and Saudi Arabia began to discuss national - level AI computing power. The Crown Prince of Saudi Arabia directly established a company called HUMAIN and ordered 600,000 GPUs from NVIDIA. At the GTC conference in 2026, Jensen Huang disclosed that by the end of 2027, the cumulative orders for NVIDIA's two generations of chips will exceed $1 trillion, and a part of them comes from governments around the world and the construction of Sovereign AI.
A concept, from scratch, has become a trillion - dollar market in two years. And the payers in this market are governments around the world.
Jensen Huang also proposed the "Token Economics" at the GTC. He said that future competition will not lie in model parameters, but in the production efficiency and cost of Tokens. Traditional data centers will transform from storage facilities into "AI factories" and from cost - expenditure items into direct revenue - generating production systems. Another concept, another new industrial chain.
Today's capital market is increasingly less concerned about what has already happened and more concerned about the narratives that have not yet occurred. For many companies, their revenues have not changed, their profits have not been realized, and their products are not yet mature, but their valuations have already soared. Because the market believes that it will happen in the future. Before the facts are realized, the pricing takes the lead.
This is very similar to Jobs twenty years ago. Jobs sold not mobile phones, but the mobile Internet; not music players, but the digital lifestyle. The same goes for Jensen Huang. GPUs are just products, and the future in his words is the real commodity.
Many people think that NVIDIA is a chip company, but in fact, it is becoming more and more like a narrative company of the era. Its greatest ability is not just to design chips, but to define the future. Today, whoever defines the future has the pricing power of the entire industrial chain.
Jensen Huang is the one who is best at describing the future in this era. He may not be manipulating the market. But the market is actively amplifying every word he says.
4. South Korea: From carnival to circuit - breaker in 72 hours
In the past two days, Jensen Huang landed in Seoul, South Korea. That night, he had dinner at a Korean barbecue restaurant with SK Group Chairman Choi Tae - won, LG Group Chairman Koo Kwang - mo, and NAVER Board Chairman Lee Hae - jin. These four people represent a large part of South Korea's semiconductor, electronics, and Internet industries.
But before he landed, the South Korean stock market had already crashed.
On June 5th, the Philadelphia Semiconductor Index plummeted by 10.26%, the largest single - day decline since March 2020. The market value of the sector evaporated by more than $1 trillion in a single day; NVIDIA also fell by 6.2% synchronously, with its market value shrinking by about $328 billion.
The fuse was that Broadcom's AI revenue guidance fell short of expectations, combined with the over - heated non - farm payroll data in the U.S. in May. The market shifted from expectations of interest rate cuts to panic about interest rate hikes, and high - valuation technology stocks were sold off collectively. The South Korean market was hit hard, and the KOSPI index tumbled by 5.54% that day, triggering trading restrictions in the early session.
Then came June 8th, Black Monday.
After the opening, the KOSPI index plunged straight down, and the decline once widened to 8.8%. Samsung Electronics fell 11%, and SK Hynix fell 10%. This directly led to the triggering of a level - one circuit - breaker, and trading was suspended for 20 minutes across the board.
This made many South Korean retail investors cry on the social platform X: They lost 100 million won in two days, went all - in on SK Hynix with high leverage of 1 billion won, and the floating loss exceeded 17%. They didn't know what to do and even dared not open their accounts...
Ironically, the reason why these retail investors chose to heavily invest in semiconductors with extremely high leverage was largely due to the certain expectation that Jensen Huang was coming to South Korea.
Good news did come. Right after the market circuit - breaker, NVIDIA and SK Hynix officially announced the establishment of a multi - year technical partnership. Facing the media, Jensen Huang said:
"If you are a shareholder of an AI company, you should be happy. Their current prices are very low. Everyone should be excited."
"We are just at the beginning. The shortage of computing power and advanced packaging will last for several years."
A corporate CEO is using his words to stabilize the stock market of another country. South Korean President Lee Jae - myung also called out on the same day that the South Korean stock market was undervalued. The decline of the KOSPI index once narrowed from 8.8% to about 4%.
In 72 hours, from carnival to circuit - breaker to a dramatic rebound. The whole process revolved around one person's itinerary.
5. Jajangmyeon and trillions of dollars
If we string together Jensen Huang's itineraries in the past three months, we can find a clear roadmap of eating and sightseeing.
In January, in Shenzhen, after the annual meeting, he went to Bahelizi Beef Hot Pot.
On May 15th, in Nanluoguxiang, Beijing, he stood in front of a restaurant with a bowl of 38 - yuan jajangmyeon, slurping the noodles. After taking a sip of douzhi, his whole face wrinkled like a meme. Then he gave a 600 - yuan signed red envelope to the clerk of a yogurt shop. After drinking an 8 - yuan peach iced tea from Mixue Bingcheng, he gave a thumbs - up.
The next day, the jajangmyeon shop hung up a "Jensen Huang special set", and the waiting time started from half an hour. The day before, he also attended the China - U.S. summit at the Great Hall of the People.
On May 24th, in Raohe Night Market, Taipei, wearing an old leather jacket with worn cuffs and holding his wife Lori, who he has been married to for 41 years, he bought a 60 - New - Taiwan - dollar pepper cake, took a bite of a passerby's roasted corn, and signed "Jensen was here" in the toilet.
On June 5th, in Hongdae, Seoul, after eating grilled pork belly, he actively proposed to have fried chicken. The group went to a BBQ fried chicken restaurant. He wore disposable gloves to tear the golden olive fried chicken and drank draft beer until late at night.
The chair in the Seoul fried chicken restaurant where he sat was marked as the "lucky seat", with a one - hour limit for sitting. Some South Koreans queued for three hours just to sit on it. Someone bet all their savings in the stock market after sitting on it and allegedly made 8 billion won. Then they came back to give tips to the clerk.
This is not a CEO having a bite to eat during a business trip. This is a systematic project of being approachable covering Beijing, Taipei, Shenzhen, and Seoul. There are cameras at every stop, and the same thing is done at every stop, turning a Silicon Valley elite into an ordinary person who loves to eat just like the public.
Then he goes on stage and creates a market value of $62.4 billion with a single sentence.
This contrast is not accidental.
In the past few decades, there has been a problem in the technology industry. The public has become increasingly distrustful of the elite. They are vigilant against Wall Street, Silicon Valley, and big companies. The closer one is to the center of power, the more likely they are to be questioned.
Jensen Huang chose another way. After the image of an eating - around uncle is established, the market naturally lowers its defenses. His views are more easily accepted, his judgments are more easily spread, and his narratives are more easily turned into consensus. The night market is for the public to see.
Trillions of dollars are for the capital market to see. Being approachable allows his words to be heard by more people. Authority makes his words regarded as pricing signals by the market. The two are not contradictory. They are two sides of the same communication project.
6. From an individual to a phenomenon
Today, Jensen Huang represents not just himself. What's more worthy of our consideration is the era we are in.
Why is the whole world paying attention to a CEO's speech?
Essentially, the AI industry is full of uncertainties. Everyone is looking for a direction. Investors are looking, entrepreneurs are looking, big companies are looking, and ordinary people are also looking.
When an industry is full of uncertainties, people will always look for a source of certainty. In the past, this role was played by the central bank governor. Later, it was Buffett. Then it was Musk. Today, it's Jensen Huang.
What he provides is not just industrial information, but a sense of direction.
The problem is that a sense of direction and facts are not the same thing.
When the market is increasingly less concerned about what has already happened and more concerned about what Jensen Huang will say next. Is this market trading on reality or on faith?
No one can control Jensen Huang. He doesn't make false statements and says everything truthfully.
But the timing of telling the truth also matters. Choosing when, where, in front of how many people, and with whom to say something is itself an absolute discourse hegemony.
When these words are magnified a thousand times by the capital market, what was originally a reasonable business expression turns into a pricing power that exceeds what any individual should have.
[Beyond the Page]:
In the past, there was a default division of labor in the capital market. Enterprises were responsible for doing things, analysts were responsible for interpretation, and investors were responsible for decision - making. There was an invisible boundary among the three.
The AI era is blurring this boundary.
When a company simultaneously connects chip designers, platform definers, ecosystem allocators, and the largest technology suppliers, the industrial chain structure of computing power and the ecosystem will become highly centralized. When its leader speaks, it is the direction of the entire industry.
When a person can create a market value of $62.4 billion with a single sentence and also cause the stock market of a country to circuit - break, is this outstanding industrial leadership or a kind of blind worship that has evolved in the era of algorithmic capitalism?
It seems that no one stops to think. Everyone just follows Jensen Huang and runs forward.
This article is from the WeChat official account "Beyond the Page", written by Ban Jun and Hua Hua, and is published by 36Kr with authorization.