Take-Two Interactive CEO Strauss Zelnick said on Monday that although gaming consoles are not going away, the industry is moving toward PCs in the next decade.

“I think it’s moving towards PC and business is moving towards open rather than closed,” Zelnick told CNBC’s “Squawk Box.” “But if you define console as the property, not the system, then the notion of a very rich game that you engage in for many hours that you play on a big screen — that’s never going away.”

Zelnick said the current split between console and mobile is about even in the market, but mobile is growing more rapidly than consoles.

Although gaming giants like Sony’s PlayStation and Nintendo have remained focused on traditional consoles to major success, rivals like Microsoft’s Xbox have hinted at more PC-based gaming for the next generation of hardware.

Gaming company Valve garnered significant buzz last week after announcing its new Steam Machine, a console-PC hybrid that can run PC games on a television or as a normal gaming computer.

Nvidia CEO Jensen Huang revealed in October that his company has $500 billion in orders, in 2025 and 2026 combined, for its chips that are at the heart of the artificial intelligence boom.

For a company that has seen its quarterly revenue grow nearly 600% over the past four years, Huang’s statement was a sign that Nvidia is confident of another year of strong — but slowing — growth for its next cycle of chips, implying that the AI boom still has room to run.

“This is how much business is on the books. Half a trillion dollars worth so far,” Huang said at the company’s GTC conference in Washington.

Huang included 2025 revenue so far, sales of Nvidia’s current Blackwell graphics processing units and next year’s Rubin GPUs and also related parts like networking. After parsing through the details of Huang’s remarks, analysts concluded that the statement signaled a meaningfully higher year by revenue in 2026 than Wall Street had previously expected.

“NVDA’s disclosures suggest clear upside to current consensus estimates,” wrote Wolfe Research analyst Chris Caso in a November note. Caso estimated that Huang’s data point suggested data center sales that could be $60 billion over prior calendar 2026 estimates. He has the equivalent of a buy rating on the stock.

But Nvidia stock is trading 5% under where it was when Huang called the company’s shot on Oct. 28.

It’s a reflection of the continued debate among investors about the AI boom, and whether a handful of big cloud companies called hyperscalers and AI labs are overspending on infrastructure.

When Nvidia reports third-quarter earnings on Wednesday, analysts polled by LSEG are expecting $1.25 in earnings per share on $54.9 billion of sales, which would be a 56% increase on a year-over-year basis. They’re also looking for guidance in the January quarter of $61.44 billion, which would indicate a reacceleration of growth.

Nvidia doesn’t provide more than one quarter of forward-looking guidance at earnings. But anything Huang says about the company’s sales backlog and outlook for calendar 2026 will be scrutinized not just for Nvidia’s outlook but also that of the broader tech industry. Analysts polled by LSEG currently expect $286.7 billion in sales for Nvidia in 2026.

At the Washington conference, Huang said the company has “visibility” into that revenue. That’s not surprising — Nvidia counts nearly every multitrillion-dollar tech company as a customer, including Google, Amazon, Microsoft and Meta.

During October earnings, all of those companies said they were boosting their capital expenditure spending on artificial intelligence infrastructure, which means Nvidia chips.

Hyperscalers’ rising capex reflects “insatiable AI appetite,” wrote Oppenheimer analyst Rick Schafer in a note earlier this month. He has a buy rating on Nvidia stock.

Nvidia has also been an aggressive dealmaker during the quarter, and analysts will want to hear from Huang about the details of these partnerships.

The biggest deal was Nvidia agreeing to invest up to $10 billion in OpenAI equity in exchange for the AI startup buying between 4 million and 5 million GPUs over a period of years. Nvidia also agreed to invest $5 billion in former rival Intel. That deal would see the two chipmakers team up to enable Intel chips to work better with Nvidia GPUs.

After the October quarter ended, Nvidia took a $1 billion stake in Nokia to team up to integrate its GPUs into cellular network hardware of the Finnish company. Nvidia also continued investing in various startups.

Citi analyst Atif Malik said in a November note that the deal with OpenAI, in particular, will be an investor focus on Wednesday.

“Although concerns around the mix of debt and circular financing around AI capex froth exist, we fundamentally see AI supply below demand,” Malik wrote. He has the equivalent of a buy rating on the stock.

Nvidia has more than 90% of the market for AI GPUs. But some of its customers — including Amazon with its Tranium chips, Google with its TPU chips and OpenAI with forthcoming chips made in partnership with Broadcom — have promoted their custom semiconductors, application-specific integrated circuits, or ASICs, increasingly over the past three months.

Huang often speaks generally about Nvidia’s views on earnings calls with analysts and could elaborate about how the company sees rising competition, which investors would welcome, according to Citi.

All of these projections are without any China sales. The company’s Chinese-oriented chip, called the H20, was effectively restricted from being exported earlier this year before Huang made a deal with President Donald Trump in August to get export licenses in exchange for the government getting 15% of China sales.

But since then, Nvidia representatives have made gloomy comments about the possibility of significant sales to China, and the company hasn’t announced a successor chip to the H20, which is getting old by AI chip standards. Schafer, the Oppenheimer analyst, said he believes China could represent an over $50 billion annual revenue opportunity.

When asked by CNBC in late October whether he wants to sell current Blackwell-generation chips to China, Huang said: “I hope so. But that’s a decision for President Trump to make.”

WATCH: It’s unlikely that we’re in an AI bubble as the market is still behaving rationally: JPM AM

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Here are five key things investors need to know to start the trading day:

Months after former Federal Reserve Governor Adriana Kugler’s mysterious resignation, an ethics report released Saturday shows she broke the central bank’s stock trading rules.

The U.S. Office of Government Ethics found Kugler purchased shares of individual stocks instead of mutual funds, and made trades during the “blackout periods” around Fed policy meetings — both of which are violations of Fed rules. Kugler resigned after being denied a waiver by Fed Chair Jerome Powell for a disclosure form that showed she had prohibited stakes, Fed officials familiar with the matter told CNBC.

Speaking of the central bank: The Financial Times reported that New York Fed President John Williams met with Wall Street dealers about a lending facility last week. Williams was looking for feedback on the Fed’s use of a standing repo facility, a permanent lending tool that can backstop markets, per the report.

The Federal Aviation Administration last night announced it is ending its mandated flight cuts at 40 major airports, effective this morning. More than 5 million travelers saw their flights canceled or delayed during the government shutdown, when air traffic controller staffing concerns led the FAA to impose restrictions.

The government shutdown may now be over, but the years-long air traffic controller shortage is still a problem. As CNBC’s Leslie Josephs reports, the closure may end up making it even harder to staff up. Airline executives want lawmakers to ensure controllers and other airport employees would be paid if the government closes again.

As CNBC’s Michael Wayland reports, the SUV maker is aiming for a comeback after struggling with leadership changes, a dry product pipeline and consumers’ sticker shock. Jeep has seen some green shoots: The company recently saw its best quarterly sales growth in more than two years and has been rolling out new offerings such as the redesigned Grand Wagoneer.

Meanwhile, Ford ceremonially opened its 2.1-million-square-foot facility in Dearborn, Michigan, over the weekend. The new complex replaces Ford’s so-called “Glass House” headquarters and includes a test track, dual-level courtyard and even $6 rotisserie chickens.

CNBC Pro subscribers can see a full calendar and rundown for the week here.

— CNBC’s Sean Conlon, Eric Rosenbaum, Kif Leswing, Deirdre Bosa, Michael Wayland, Jeff Cox, Dan Mangan, Pia Singh, Yun Li and Leslie Josephs, as well as Reuters, contributed to this report. Josephine Rozzelle edited this edition.