Nvidia (NASDAQ: NVDA) has been one of the biggest beneficiaries of the booming spending on artificial intelligence (AI) development. Its graphics processing units (GPUs) are a key piece of infrastructure for training and running large language models, the backbone of generative AI. Big tech companies like (NASDAQ: GOOG) (NASDAQ: GOOGL) and Meta Platforms (NASDAQ: META) are spending billions of dollars to get their hands on as many Nvidia GPUs as possible right now.

That's been great for Nvidia and its shareholders. Sales more than tripled in its fiscal first quarter, reaching a record $26 billion in total revenue. But that kind of growth can't last forever.

Analysts expect more modest sales growth of "just" 38.4% next year. But some comments from Nvidia's biggest customers suggest that number might be too high.

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Source Fool.com