Nvidia CEO Jensen Huang speaks with the calm certainty of someone who has watched demand outrun every forecast. In recent earnings calls and conferences, he has laid out a case that hyperscalers’ massive capital spending on artificial intelligence infrastructure stands not at a peak but at an early stage of expansion. The numbers he cites stretch into trillions. The logic rests on shifts in how companies generate and use computation. Hyperscalers — the handful of cloud giants that dominate data-center construction — plan to spend roughly $700 billion this year on capital expenditures, much of it tied to AI chips, servers, and power. Fortune detailed those budgets in February: Meta up to $135 billion, Alphabet as much as $185 billion. Amazon, Microsoft and others push the combined total near that headline figure. Huang views it as table stakes.…