Nvidia CEO Jensen Huang & Dell CEO Michael Dell on Agentic AI, Memory Demand and China

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1:33JPMorgan Chase Bank N.A. Member FDIC. Copyright 2026. JPMorgan Chase and Company. Bloomberg Audio Studios. Podcasts. Radio. News. Gentlemen, good morning. Hello. Morning. Michael, in the quarter gone, 1 ,000 new clients for AI Server, for AI Factory, that's a hell of a jump. What is it that those new clients, 5 ,000 total, are actually building now different to one year ago? I think that's probably a good place to start. I think the change we see is it's kind of new from testing and evaluating into production. And we showed some great examples on stage. with Eli Lilly with a thousand GPUs. In the physical world.

2:23It's Samsung, and these are not things that are on the screen, right? This is in the real world, with the largest companies in the world. And so it's propagating broadly across all customers in every industry, in every country. And you see the improvement in all the models, and now we have the Agenta capabilities. And so while it is exciting, there's been a tremendous amount of growth, I still think it's just the beginning of this wave, particularly when it comes to enterprise, which is really where we have an enormous opportunity. What's so fascinating, Jensen, is you spent four years telling me that we needed to change the definition of the computer in the context of accelerating computing.

3:09But the big focus was on the hyperscalers, right? Cloud. what I took from Michael's presentation was this is happening you said locally but on the trend what's the Nvidia interpretation of that part of this cycle intelligence has to be performed produced at the point of context and so wherever the context is wherever the action is that's where you want to produce the intelligence for most of the early applications of AI it was in the cloud a lot of consumer services are in the cloud however for Lily Samsung the future manufacturing a lot of companies you want the agents to be on-prem because that's where all of your data is where all your secure data is your proprietary data and all of the skills associated with your company is and so now we have agents that are here AI's that can do work right chat GPT was fantastic a launched generative AI.

4:10But it just made content. That was it. Making content is very important, but doing work is really valuable. And now we're doing productive work incredibly well. That's why they're called agentic AI. In this new era, what everyone is trying to work out is, aren't all the GPUs locked up at the hyperscalers? How is Michael Dell going to service those 1 ,000 new clients with the GPUs to build their own on-prem local AI factory? Well, the supply chain that Jensen has built and we've built together is continuing to scale up. And while it's true that there's more demand than supply, there's more supply that's being added and customers are figuring out how they start to scale these systems up.

4:59So I think what's also happening is companies are understanding that when they reimagining in their workflows using this technology, they don't get 10 or 20 or 30 % improvement, they get 10 times or 20 times or 100 times. And that is really the speed that matters to make a business successful. We're doing it ourselves, NVIDIA is doing it, and so it's not a secret anymore that these things are possible, and every company wants to capture that speed and translate it into competitive advantage and outcomes. Dell was the sales channel right Jensen? Michael's company is very good to selling technology to America's biggest companies.

5:47How is that going to change things for NVIDIA going forward? Like the makeup of the types of companies we're talking about are at scale. But there's also that kind of middle market of data center that's being built, different kinds of in the industrial space, in healthcare. Is that something that puts NVIDIA into new territory, away from the frontier labs, away from the hyperscalers? Well, NVIDIA is a technology company. Right. The hyperscalers have the ability to take our technology and integrate them, operate them into a service. Dell has the ability to take our technology, turn them into a solution that delivers impact to customers.

6:29If you look at what has happened, agentic AI has completely, as we were talking about earlier, reinvented computing. We had to do several things together. The first thing, of course, we had to build a brain. This is the Grace Blackwell MVLink 72, the Vera Rubin MVLink 72, giant large language models. The second part now is the Vera CPU that we're now in the process of launching. The highest performing CPU in the world, it's designed for agentic AI, and now this will be the harness running the agent itself using the tools. What does harness mean? Harness is what puts a harness around the large language model so that it can access memory, access the network, use tools, have local scratch pad memory, working memory, access long term memory.

7:24And so that harness basically turns, if you will, the brain into an agent, into a digital robot, if you will, that can do work. And so now the agent runs on a CPU. We also worked with Dell to create a new type of long-term memory for agents. We call it the Dell AI Data Platform. That's built on NVIDIA. The networking to scale it out is built on NVIDIA. So the agent, the brain, the long-term memory, all of the networking necessary to scale it Well, as well as the agent runtime itself, we call NemoClaw, running in a secure and governed container called OpenShell. All of that has been put together.

8:10And now the technologies are the technology parts. What Dell has to do is turn it into a solution that people can use. Dell will do for the world's enterprises what the clouds do for the clouds. Makes perfect sense. What is the Dell story, Michael? around CPU and sort of like general purpose computing in the agentic era. We've talked a lot about the AI factory offering, the GPU, but actually there's potential for you in more general purpose workloads. The build out's happening either way. It is and the demand is exceeding the supply there as well as you know. And look, as you move to these agent frameworks inside companies, you use a lot more CPUs.

9:00And that's just the reality of what's happening. And I think that's only going to increase. So instead of humans using tools, it's now agents using tools. And agents, as you were talking about earlier on stage, there we're gonna have we have a billion people will have hundreds of billions of agents people use tools every now and then agents are going to use tools all the time and agents use tools very quickly and so we're gonna need a lot more CPUs and those CPUs are connected to GPU brains so that the CPUs know how to think how to reason how to plan and how to use those tools so that's basically how it works gentlemen what is the biggest supply constraint or model net for you right now?

9:51Well certainly you know memory is a challenge. I think it is memory. The advanced node semiconductors are still challenging. You know it's really, we think about it from the things that we're producing and the semiconductor supply chain is ramping but the demand is growing faster than the supply. In our case we provide the technology integrated. And so the memory comes with our technology. We've been planning our supply chain for a couple, two, three years. We have the largest supply chain in the world. Our partners have done a great job securing supply for us. And so all of the pieces go together.

10:34The COOS is lined up with the HBM, which is lined up with the Grace Blackwell and the CPUs. And the COOS R, the COOS L, the COOS S, all of it is all lined up. The silicon photonics is lined up, everything is all lined up. It's just that the demand is much greater than the overall capacity of the world. So the overall capacity, Jensen, should I put my textbook away? Because if I get my textbook out, it tells me that memory historically is cyclical. It's boom and bust. And so you both kind of have to convince the memory makers of the permanency of this to build the capacity that won't sort of fall away.

11:13Is that the right way of looking at it, that this is not a boom and bust cycle? It's just a complete change in the structure of that market? Well, Michael and I do this all the time. We spend a lot of time with the supply chain. I mean, if you ask Sanjay Mitra over at Micron, he'll tell you three years ago during a meeting, I explained the future to him exactly as is happening right now. And I was really grateful that Micron and NVIDIA really lined up to line up all of our roadmap. Tony will tell you over at SK that we did the same thing years before, and so it's our job to make sure that the vision of the future of the industry, we convey upstream to our supply chain so that they are building for it.

11:57We also have to convey it downstream to people who have power generators and land and financing and so on and so forth. And so we have to make sure that the supply chain upstream and downstream and prepare for this future. It is true that the simple logic is this, that we have now reached a level of agentic AI, useful AI, productive AI capability. And the way to think about these agents is kind of like just digital workers. We have hundreds of millions of digital workers in the world. We're going to have billions of AI agents in the world, and they're going to be working 24-7. And so just as we give every digital worker a laptop and a small part of the data center, we're going to have to give every agent essentially a computer and a little bit of storage in the data center to use.

12:46Think about it this way. You do individual work as a person. I do. And you send it on to somebody else and there's interactions. Well, now you might have hundreds or thousands of digital agents working for Ed. That I supervise. You supervise, and that's going to help you be way more productive, get way more things done, expand your creativity. Now, it does require a lot more computing and memory and storage and networking and all the things that we're doing together. Last one on this. Jensen outlined the Micron and the SK example. Three years ago, you gave them the heads up. Do they believe you?

13:22Are they sort of acting on that? They're investing. I mean, we're managing through it, but these things are very hard to predict, right? If you tried to predict in 2023 what the demand was going to be in 2027, you would have a hard time doing that. So it does take a long time to build these factories. But we've got great relationships with these partners we have for decades. That's helping us. And they see that we're winning, and so they want to work with us even more. And it's really a great long-term partnership, even though we'd like more right now. We're in the beginning of the AI build-out.

13:59This is literally the very beginning of the agentic AI build out. We're going to be building this out for a decade, maybe more, because after this, digital agents will be physical agents. Then we go to the physical AI. We haven't even started that. I mean, you saw some examples of that in the keynote. But that is a way bigger market, and it will require all sorts of new infrastructure capabilities. We're going to, for the very first time, bring IT to the world's 90 trillion other industries. And so there's a giant industry ahead of us to build towards. Now, meanwhile, the supply chain is more than doubling every year.

14:35I mean, it's probably quadrupling every year, but we'll still have a hard time keeping up with the build out for at least a decade by since. China. Jensen, you just returned from China. On Friday on Air Force One, the president said that H200 came up, but that China's position is it wants to support its own industry. Could I just ask what the net outcome was of your trip to China and your understanding of what is not or is allowed with H200 and the customers that you have or do not have in China? The president wants America to win everywhere. The president wants America to lead the AI revolution.

15:15And so H200s are licensed to sell to China. The Chinese government has to decide how much of their local market do they want to protect and how much of their local market do they want to expand with more AI capacity. My sense is that the demand in China is so incredible. Just like it is here, agentic AI is also making enormous progress there. My sense is that over time, the market will open. President Xi was very clear that he wants China to be an even wider open market. Premier Li Chang was very straightforward and explained very eloquently that China will be an open market. So I'm looking forward to China being a more open market.

16:01To clarify, Jesse, you were able to meet with those officials directly to discuss whether or not you can sell to those Chinese tech companies. I didn't discuss directly with them about H200. I was there to represent the United States and I was honored to do so. I was there to support President Trump and really glad to do so. But that was really the focus of my trip. President Trump had some conversations with the leaders and I'm looking forward to what they decide. Michael, you did not go to China. But I think what's interesting is you are a member of the President's Council of Advisors for Science and Technology, as is Jensen.

16:38your net conclusion on whether or not China will become open to American technology companies to do business there? You know, we have a business in China. Obviously, we comply with all the restrictions and various controls that are in place. But I hope that there's more economic collaboration between the United States and China. That ultimately is what will lead to greater outcomes of prosperity for everyone and a greater likelihood of a successful relationship between the countries and around the world. The final question on that trip, Jensen, is the sharpest rhetoric was probably on Taiwan. We've talked about the supply chain, but what did you take from those comments from President Xi on the issue of Taiwan.

17:32Of course, from a manufacturing capacity standpoint, TSMC is a critical partner. You and I have discussed it in the past, but at this moment in time, how top of mind is it for you, the security of supply from Taiwan? None of us were involved in any of those conversations except for President Trump. With respect to Taiwan, obviously Taiwan is still epicenter of the world's technology manufacturing and technology development. The supply chain is rich in Taiwan. We're also of course re-industrializing the United States, bringing manufacturing back to the United States. We're doing so at a time when demand for AI in the beginning of this new computer revolution is happening and so demand is extraordinary.

18:16So as a result, we're building more factories here in the United States, chip factories, packaging, computer factories, AI factories of course. So we're building factories of all kinds here. They're also ramping up capacity, and the reason for that is because the demand is just so great across the board. I think the answer is that we want to have, it is possible to have supply chain diversity and resilience, and everybody should be seeking to improve that. It is also very true that Taiwan will continue to be one of the epicenters of the world's technology hub. Michael, I grew up using a Dell computer.

18:54You know that. We discussed it in the past. Desktop, laptop. You and I never talk about computers in that context. We're always talking about supercomputers, accelerated computing. And I think you should upgrade. I mean, we have the new XPS 14 or 16. That would be my choice for you. So what is the story? These are the best notebooks we've ever had. We're talking about AI PC, but we're going to get Jensen's take to finish. But what is the role of the PC in this Agenda gauge? Like, I'm using a computer at my desk to do work. Yeah, well, look, I mean, it's still the device that is the center of productivity for knowledge work.

19:31And it is right there in front of everyone. And, you know, we have a great business there. And those devices are evolving, too. You saw on stage how we're, you know, embedding the ability to run the small models and local models inside your PC. And, you know, what's happening is customers are wanting more powerful PCs because they want to be able to do all this great hybrid AI. And so it's a great business. It's still very much alive. And it also gives us incredible scale and strength in our supply chain, which helps us secure all the, you know, needed ingredients that we need. So you spent 31 years working on the servers design together, accelerated computing.

20:18That's the scale we're talking about. Let me just be really direct. Well, we started with the PC. But why don't you just team up? I was trying to sell them a gaming GPU. So what's going to happen between the two of you? A PC with a powerful GPU inside it. Why doesn't that happen? Yeah. And what's the plan going forward for that? Well, we can't tell you the plan right now. You can't tell me. Very, very soon we like to tell you. There's, well, let's, think about the arc. Think about the, I'm interested in computing, no doubt. Think about the arc of computing. When Michael and I came into the industry, it was kind of at the tail end of mainframes.

20:57Not that it was a tail end of mainframes, because mainframes go away. It was a tail end of its growth, and it was the beginning of personal computers. We're now seeing the beginning of, of course, AI in the cloud, and that's going to continue to grow, but we're also going to see personal AI. Instead of personal computers, we want personal AI. So the question is, and the reason for that is just what we were talking about earlier, AI needs to be where the context is. If all the information that I have is on my laptop, and I need help, I need AI to help me do work on my laptop, then I need AI to run kind of locally.

21:33and if I have if I have a factory then I need agents to run in the factory if I have if I have a hospital I need agents to run the hospital that's what the operating room in the operating room it can't get get be running somewhere else right because that's where the context is that's where the action is yeah if you've got an autonomous vehicle right the AI has to be running the car inside the vehicle yeah and so this idea of distributed intelligence and unmetered intelligence, right? Where you can generate as many tokens as you want, Ed, on your new XPS 16. You just have to get Bloomberg to get you one.

22:11I'm sure we can... And on that note, Michael Dell, chairman and CEO of Dell Technologies. Jensen Wong, CEO of NVIDIA. Live in Las Vegas, once again, Dell Technologies World 2026. The right technology can strengthen human judgment. That's why Deloitte brings together AI and data analytics with multidisciplinary teams. People with deep industry experience who can challenge assumptions and help you connect the dots across your enterprise. From risk signals to operational pressure points to shifting customer needs, Deloitte helps you see what's coming sooner so opportunities don't slip by and surprises don't spread.

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