capexScore 60/100Add to thesis
Jensen Huang: DeepSeek and Kimi open-source models driving incremental GPU consumption and data center expansion despite being from Chinese competitors
Jensen Huang· NVIDIA· AI· 2026-07-23· about NVIDIA (NVDA)
“great models lead to great use, which leads to great growth. And so that's just the starting point. Um that happened with DeepSeek, it's going to happen with Kimi”
Why it matters
Huang signals that NVIDIA expects DeepSeek and Kimi adoption to follow the same pattern as prior model releases—incremental infrastructure demand—rather than cannibalize NVIDIA's business.
Investment implication
If Huang's thesis holds, Chinese open-source AI adoption globally will drive incremental GPU procurement and data center capex, benefiting NVIDIA, cloud infrastructure providers, and power/cooling suppliers.