Nvidia's CFO guided for 70% revenue growth in fiscal 2028 — well above the 44% Wall Street consensus — which would put projected sales at roughly $673 billion and place the chipmaker ahead of Apple and Alphabet among U.S. tech companies by revenue.
Nvidia issued a fiscal 2028 revenue growth forecast of 70% on Wednesday, a figure that would propel the chipmaker past Apple and Alphabet in annual sales and leave only Amazon ahead of it among U.S. technology companies by that measure.
CFO Colette Kress delivered the guidance during the company's second-quarter fiscal 2027 earnings call, well above the 44% average analyst estimate tracked by LSEG. Based on the Wall Street consensus projection of $396 billion in fiscal 2027 revenue — a period ending in January — the 70% growth target implies sales of approximately $673 billion in fiscal 2028.
The forecast came after Nvidia had already reported quarterly results that cleared expectations by their widest margin in two years. Revenue more than doubled year over year in the second quarter.
CEO Jensen Huang said the formal long-range guidance — unusual for Nvidia, which has not typically offered projections that far out — was issued in the interest of giving partners who supply land and power for data centers a consistent set of information.
"Everybody's putting a lot of resources in play, and so we wanted to make sure that everybody has the same set of information," Huang said on the call.
Huang also signaled the figure could have been higher were it not for component shortages, particularly in memory, which is facing a global supply crunch tied to AI infrastructure buildouts.
"Our demand is much greater than 70%," he said. "Our supply allows us to confidently deliver 70%, and we're going to continue to work with our supply chain to increase on that."
Huang pushed back against investor concerns that Nvidia's growth has been concentrated among a narrow group of hyperscale cloud providers and frontier AI labs. He said the customer base has broadened substantially over the past year.
"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 — with strong momentum across the U.S. and around the world," Huang said in a statement accompanying the earnings release.
On the call, he pointed to a category of customers he labeled ACIE — regional AI companies, neo-clouds, startups, and enterprises — as a significant and growing source of demand. He described these customers as previously "invisible" to broader market observers, and said Nvidia's ability to supply broad data center technology, not only chips, makes it attractive to that cohort.
Huang also detailed aspects of a previously announced agreement with Amazon Web Services in an interview on CNBC's Mad Money, saying the deal includes 2 million GPUs as well as "millions of CPUs." He added that Amazon would use Nvidia technology for robotics applications. The CPU reference points to Nvidia's Vera processor, its first ground-up central processing unit, which puts it in direct competition with Intel and Advanced Micro Devices.
Nvidia shares, which had declined more than 1% during Wednesday's regular session — their eighth down day in the last nine — jumped more than 4% in after-hours trading following the report. Broader stock futures moved higher in tandem, with Nasdaq 100 futures rising 1.07% and S&P 500 futures advancing 0.6%.
The results and guidance arrive as traders also prepared for the Federal Reserve's annual economic symposium in Jackson Hole, Wyoming, which begins Thursday.
Whether Nvidia can close the supply gap it described will be a central question heading into fiscal 2028, underscoring how tightly the company's growth ceiling is now tied not to demand, but to its ability to source the components required to meet it.
TechEchelon Staff bylines are produced collectively by the newsroom for short, breaking, and wire-style coverage. Longer-form reporting is published under the responsible reporter's name.
More from the Staff →Salesforce posted fiscal Q2 revenue of $11.35 billion and net income up 87% year over year, fueled by a $2.6 billion gain on its Anthropic stake. Agentforce AI annualized revenue surpassed $1.5 billion, rising 240% from a year ago.
Nvidia reports second-quarter earnings Wednesday after the bell, with Wall Street projecting $2.09 in earnings per share on $92.28 billion in revenue. Analysts and investors say the results will be read as a broad gauge of the AI infrastructure trade's staying power.
Kalshi prediction market traders give the Digital Asset Market Clarity Act less than a 25% chance of becoming law in 2026, despite White House pressure and a scheduled September 15 Senate procedural vote.
Written for readers who already know the basics — markets, AI, and the policy decisions that shape both.