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Nvidia GTC 2026: Jensen Projects $1T in Orders
Nvidia’s annual GTC 2026 developer conference is happening now in California, and CEO Jensen Huang delivered his keynote address yesterday to a packed house. Now he covered a lot of ground, but here’s the main highlights:
- $1T in purchase orders for Blackwell and Vera Rubin chip systems are projected through 2027. This is double last year’s $500B estimate.
- Vera Rubin promises 10X better performance per watt than its predecessor, Blackwell.
- Agentic AI is the new thing, and it’s driving huge token generation and inference demand. This means AI companies need a ton more compute capacity.
- Nvidia’s new Groq 3 language processing unit is projected to boost token generation per watt by 35X when paired with Vera Rubin.
- Nvidia’s NemoClaw AI agent stack was unveiled, and it will bring autonomous AI agents to enterprises.
Everything above indicates that Nvidia is maintaining strong momentum in terms of AI infrastructure development. The upgraded $1T order outlook through 2027, robust R&D, and the shift to agentic systems all suggests a long growth runway ahead. Curiously however, NVDA’s price didn’t budge from these announcements, but that could be a consequence from the geopolitical and energy turmoil that’s embroiling the markets.
US Fed Rate Decision Happens Tomorrow
The US Federal Reserve’s FOMC meeting wraps up tomorrow, with Papa Powell’s interest rate decision and statement scheduled for 2:00 pm ET.
FedWatch odds show a 99.1% chance that the Fed leaves the benchmark rate unchanged at the current 3.50% to 3.75% range. If rates hold steady, it will be the second consecutive meeting with no change after three cuts late last year.  So why are the odds so high for no cut? Well, it’s these four interrelated reasons: (1) The Iran conflict is pushing oil prices higher, which means higher inflation ahead. (2) US CPI printed 2.4% YoY in February. That’s above the Fed’s 2% target, and those numbers came before the Iran war started. (3) US unemployment is soft (i.e. 92K jobs lost in February, unemployment at 4.4%), but not too soft. (4) US GDP is growing, but it’s weak (i.e. Q4 2025 growth was revised down to 0.7% annualized).
So the TL;DR on the why is that the Fed is more concerned about inflation than the mixed unemployment and GDP numbers. Looking forward, FedWatch odds project that rates will probably hold steady until July at the earliest, where there’s currently a 33% chance for a 25 bps cut.
Bitwise CIO Hougan: Institutions had “Steel Balls” During BTC Drop
OK, he said the institutions had “diamond hands”, but you get my point.
So remember the four reasons we laid out last week for why Bitcoin is showing so much strength right now: (1) strong ETF inflows, (2) Strategy’s aggressive purchases, (3) 20M Bitcoin mined, and (4) Bitcoin not making a new lower low despite the Iran conflict. Well, we’re adding another reason to the list: (5) institutions holding the line.  So according to Bitwise CIO Matt Hougan in an interview yesterday, institutions simply didn’t sell much during Bitcoin’s 50% correction from $126K to $60K. For evidence, Hougan cites the US spot ETF numbers: “Bitcoin ETFs accumulated roughly $60B in net flows from their launch [ . . . ] through October 2025. Since October 2025, prices are down 50%, but we've seen less than $10B in outflows from ETFs.”
Translation: the math says the institutions were net buoy on prices, and not a drag.
Moreover, Hougan’s explanation for why the institutions HODLed was particularly interesting. Bitcoin remains a “non-consensus” asset. So the institutional allocators willing to buy Bitcoin still faced career risk when doing so. Or in other words, they’re contrarians with extremely high conviction. Thus, they’re not the types to sell when going gets tough.
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