Nvidia Corporation (NASDAQ:NVDA) has used its GTC conference to unveil some of the major architecture shifts of the AI era, and this year Jensen Huang has teased “chips the world has never seen before.”

Looking at the Kalshi prediction market provides insight into what specific words Huang will use during the two-hour keynote.

What The Market Expects

“Blackwell” and “Data Center” are both at 98%. Nvidia’s current-gen architecture and its core revenue driver are guaranteed talking points.

“Trillion” at 89%. Huang wrote in a blog post that AI infrastructure spending could eventually reach the trillions. If he repeats that framing onstage, he’s telling the market that Nvidia’s total addressable market is still expanding.

“Cosmos” at 81%, down 9 percentage points.

Cosmos is Nvidia’s world foundation model platform for physical AI, powering everything from autonomous vehicle simulation to robotic manipulation.

A 9-point drop suggests traders are less certain Huang prioritizes it in a keynote that may be dominated by chip announcements.

“Photon / Photonics” at 87% points to one of Nvidia’s biggest infrastructure bets.

Huang unveiled the company’s first co-packaged optics systems at GTC last year, replacing copper interconnects with light-based data transmission.

Those switches begin shipping this year with Rubin.

If Huang spends significant time on photonics, it signals the technology is moving from roadmap to revenue faster than expected.

Longshots

“Elon / Musk” at 52%. xAI is a major Nvidia customer, but Musk said Saturday that Tesla Inc’s (NASDAQ:TSLA) “Terafab” AI chip project launches in seven days.

Musk has said he “can’t see any other way to get to the volume of chips that we’re looking for” without Tesla building its own fab. If one of Nvidia’s biggest customers is building its own silicon, that’s a demand risk.

“Anthropic” at 33% is surprisingly low given Nvidia’s $10 billion investment in the AI startup. Traders apparently don’t expect Huang to call out the partnership by name.

“Stargate” at just 13% reinforces the pattern: Huang may be steering clear of politically charged AI ventures entirely, especially given the problems Stargate is currently experiencing.

What The Analysts Are Watching

While Groq is not listed on Kalshi, analysts will be listening for details on Nvidia’s $20 billion Groq licensing deal. When Jensen teased “chips the world has never seen,” many analysts think he’s talking about whatever Groq produces.

Wedbush’s Dan Ives flagged Vera Rubin shipment timing and supply chain visibility as the details that could actually move the stock.

Nvidia trades at roughly 17x forward earnings, below the S&P 500 average, despite 93% of covering analysts maintaining Buy ratings. Consensus targets sit near $270, implying roughly 50% upside from Friday’s $180.25 close.

Bernstein’s Stacy Rasgon recently called Nvidia the cheapest it’s ever been relative to the broader chip sector.

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