Nvidia CEO Jensen Huang addressed investor concerns at Morgan Stanley's Technology, Media & Telecom Conference in San Francisco in March, delivering three key messages amid anxiety over the potential returns from the $7 trillion expected to be spent globally on AI data centers by 2030. The conference included executives from almost 400 major global companies and over 2,000 capital allocators. First, Huang said rising demand for compute translates directly into token generation, greater revenue, and higher GDP, stating, "I'm certain compute equals revenues," and describing data centers as AI factories whose primary output is tokens. Second, he said efficiency, measured in tokens per watt, will become the most critical metric for CEO-level decision making, as AI data centers are constrained by massive energy consumption. Third, he said agentic AI, or AI systems designed to act autonomously with minimal human interaction, is poised to expand and evolve the software industry, with companies renting out specialized AI agents instead of licensing software tools, and software firms' primary input being tokens. Nvidia stock is down 4% since he spoke.