Nvidia projected 70% revenue growth for its next fiscal year, fiscal 2028, according to Axios and CNBC. The forecast was delivered by chief financial officer Colette Kress on the company's earnings call.
In its most recent quarter, the chipmaker posted revenue of $96.2 billion, more than double the year-earlier figure, according to Axios. CNBC confirms that revenue doubled year over year and that the results beat market expectations.
"Our demand is much greater than 70%. Our supply allows us to confidently deliver 70%, and we're going to continue to work with our supply chain to increase on that," CEO Jensen Huang told analysts, according to CNBC.
A supply constraint, not a demand problem
According to CNBC, the guidance could have been even higher if not for shortages in components like memory, which faces a global crunch tied to the broader AI data center buildout. The company said demand for its products continues to outpace its ability to deliver.
In a statement cited by CNBC, Nvidia said its customer base has broadened well beyond a handful of large tech companies: "This time last year, one lab alone was driving the buildout; today, we have a golden age of new AI labs and startups, multiple frontier labs scaling in parallel, a thriving open-model ecosystem and physical AI coming online."
The 70% guidance is well above the 44% average estimate from analysts polled by LSEG, according to CNBC. Based on the consensus fiscal 2027 revenue projection of $396 billion, next year's sales would reach roughly $673 billion, which would put Nvidia ahead of Apple and Alphabet and behind only Amazon among US tech companies, based on Wall Street projections cited by CNBC.
According to CNBC, it is the first time Nvidia has given a forecast that far in advance. Huang said he decided to share the number because he already has visibility into next year's computing needs, and wanted to align expectations with partners who supply the land and power for data centers. "Everybody's putting a lot of resources in play, so we wanted to make sure that everybody has the same set of information," he said.
Nvidia is now the most valuable company in the world, a position it built up after starting out as a comparatively niche chipmaker before the AI boom, according to CNBC.
Shares rise after the report
The stock had recently lagged the broader semiconductor sector in market gains, even as investors treat Nvidia as a bellwether for the health of the wider AI economy, according to Axios. Shares rose in after-hours trading following the results, snapping a seven-day losing streak recorded through the day before the earnings call, according to Axios.
The growth forecast lands amid a string of recent investments and financial arrangements by Nvidia aimed at propping up the broader AI economy, including a deal to help finance a massive OpenAI data center, according to Axios. On the call, the company addressed criticism that some of that financing amounts to circular deals between chipmaker and customer.
Why the industry is watching
Nvidia's chips remain the primary hardware behind training and running large AI models across the industry, from frontier labs to the cloud providers that resell that capacity to enterprises. A demand outlook that keeps outrunning supply, even as revenue already doubles year over year, points to continued tight availability and elevated pricing for AI compute in the near term.
The results also reinforce Nvidia's role as the bellwether investors watch most closely for signs of strain, or resilience, in the broader AI infrastructure spending cycle that companies across the industry are now betting on.
