Nvidia's "Rubin" Chip Revealed: AI Compute "Hasn't Peaked," But Bubble Debate Intensifies

Silicon Valley — Over the past year, Nvidia's market cap has been a roller coaster. From $1 trillion to $2 trillion and back, debate over "AI bubble" hasn't stopped.

But Nvidia seems to be responding to critics with products.

Rubin Arrives

According to the latest roadmap, Nvidia will launch next-generation AI chip "Rubin" in 2027.

Rubin will use more advanced process technology, expected to provide 50%+ AI compute improvement over Blackwell. What does this mean? The AI compute "arms race" hasn't peaked.

"Many say AI compute is oversupplied," a semiconductor analyst said. "But looking at Rubin's roadmap, clearly Nvidia doesn't think so."

Nvidia's "Moat"

What allows Nvidia to maintain high valuation isn't a single chip, but the entire ecosystem.

From CUDA to DGX Cloud, from gaming to AI servers — Nvidia built a complete ecosystem.

"To do AI, you can't go around Nvidia," an AI entrepreneur told me. "No matter which cloud provider you use, ultimately compute comes from Nvidia."

This "moat" makes it hard for competitors to catch up.

Bubble Debate Resurfaces

But Rubin's reveal has sparked more controversy.

Critics argue that Nvidia can continuously launch new chips because AI companies are willing to pay sky-high prices — and this is exactly the sign of a bubble.

"Nvidia's valuation is based on the premise that AI will continue growing rapidly," a Wall Street fund manager said. "Once growth slows, everything collapses."

Supporters argue AI is still in early stages, future application scenarios far exceed now.

"It's like the internet in the 90s," a tech investor analyzed. "There is indeed a bubble, but beneath the bubble is real gold value."

China Market: Variables

Another variable is the China market.

Due to US export restrictions, Chinese AI companies can't get latest Nvidia chips. What does this mean for Nvidia?

On one hand, China market revenue share is declining; on the other hand, Chinese manufacturers are accelerating independent R&D.

"Long-term, this is a threat to Nvidia," an analyst said. "If China has its own alternatives, Nvidia's market share will decline."

Epilogue

At an investor conference, a reporter asked Jensen Huang: "Do you think there's an AI bubble?"

Huang smiled and said: "I don't comment on market bubbles. I only focus on technological innovation. Technological innovation itself is value."

This answer is very "Jensen" — not responding to controversy, speaking through products.

Reference: Benzinga, Chronicle Journal, TechCrunch