Firmus, Nvidia, and the Circular AI Money Machine Coming to the ASX
The Australian Financial Review
ENRICHED
Details
- Date Published
- 30 Aug 2026
- Priority Score
- 2
- Australian
- Yes
- Created
- 30 Aug 2026, 04:03 am
Description
ASX titan in waiting or the ultimate rort? Firmus tests Nvidia’s empire.
Summary
This analysis examines the financial mechanisms driving the rapid expansion of AI infrastructure, specifically focusing on Nvidia's revenue projections and the upcoming ASX listing of Firmus. It scrutinizes the 'circular' nature of AI investment, where capital raising for data centers directly feeds the demand for high-end frontier AI hardware. While primarily focused on capital markets, the article highlights the unprecedented scale of compute resources being deployed, which is a foundational component of frontier AI capability growth and associated safety risks. The piece is highly relevant to Australian economic policy as it tracks how domestic capital is being leveraged to accelerate the global AI arms race.
Body
CompaniesChanticleerPrint articleAug 30, 2026 – 12.00pmThe reporting season’s most eye-catching number was Nvidia’s 70 per cent. Quarterly revenue is doubling year-on-year, annual revenue should hit $US400 billion ($557 billion) this year – roughly 10 times BHP’s revenue – and management expects another 70 per cent increase next year.Another 70 per cent would get Nvidia to $US700 billion – a stonking 25-times increase in five years. It was Nvidia’s first full-year forward revenue guidance, and analysts are buying it. How is that next leg of growth possible? We’re about to get a decent peek.Loading...SaveLog in or Subscribe to save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? LoginLicense articleRead MoreChanticleerAINvidiaIPOFirmus GridCapital raisingData centresOpinionSubscriber exclusiveFetching latest articles