Nvidia has projected annual revenue of roughly $673 billion for fiscal 2028, the result of a 70% growth forecast delivered by CFO Colette Kress during the company's fiscal 2027 second-quarter earnings call on August 26, according to a recap of the call and reports from CNBC and other outlets.
The figure — an implied projection based on the 70% growth rate applied to Wall Street's current consensus for fiscal 2027, as tracked by LSEG — would place Nvidia ahead of Apple and Alphabet by revenue, leaving Amazon as the only US tech company with higher projected sales, CNBC reported. It also far exceeds the average analyst estimate of 44% growth for that year.
A new kind of guidance
Notably, Nvidia has not previously provided a forecast this far into the future. CEO Jensen Huang has offered shorter-range indications of AI chip demand in the past, but a formal outlook two fiscal years ahead marks a change in how the company communicates with investors.
The market reaction suggested the guidance landed well. Nvidia's shares climbed roughly 4% to 5.6% in extended trading following the release, with accounts of the session differing on the exact range — a spread that reflects the after-hours trading range rather than any change in the company's forecast.
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The quarter behind the forecast
The outlook rests on a quarter that itself beat expectations. Nvidia reported fiscal 2027 second-quarter revenue of $96.2 billion, more than double the year-earlier figure, with data-center revenue rising 117% to $89 billion.
The results reinforce a pattern that has defined Nvidia's recent fiscal years: even as the company's revenue base has grown enormously, the percentage growth rates have continued to climb rather than fade, defying expectations that the law of large numbers would slow the company down.
The quarter also supplied the foundation for the longer-range forecast. Kress tied the fiscal 2028 projection to demand visibility that Nvidia says it now has from customers well beyond the hyperscale data-center operators that dominated earlier phases of the buildout, a shift Huang elaborated on later in the call.
Supply, not demand, is the ceiling
Perhaps the most striking claim from the call concerned what is holding Nvidia back. Huang said component shortages — memory in particular — prevented the company from projecting an even higher growth rate, as AI infrastructure now consumes a growing share of global chip and memory production capacity.
"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," Huang said on the call.
The framing inverts the usual investor worry about chip companies: the question is not whether customers will buy, but whether suppliers can deliver the memory and components needed to build systems fast enough. Memory constraints have emerged as a recurring theme across the AI hardware industry this year, with knock-on effects on server pricing.
A wider customer base
Huang also pushed back on the idea that Nvidia's growth depends on a small circle of hyperscalers. He said the next phase of demand will come from a wider set of buyers — regional AI companies, neocloud providers, startups and conventional enterprises — a category the company groups under the label ACIE, which he described as previously "largely invisible."
"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.
Nvidia is also selling this customer group more than GPUs, positioning itself as a broader infrastructure partner supplying networking, systems and other data-center components for organizations that cannot assemble the stack themselves. A customer base spread across regional providers and enterprises would reduce Nvidia's dependence on any single hyperscaler's capital budget — a diversification argument aimed directly at investors who have questioned the concentration of its revenue.
What to watch
The projection assumes Wall Street's fiscal 2027 consensus holds, which makes it a conditional figure rather than formal guidance in the traditional sense. Three variables will determine whether it proves conservative: how quickly memory supply expands, whether enterprise and neocloud demand materializes at the pace Huang describes, and how export controls affect addressable demand in China.
What the announcement does settle is the trajectory of the AI infrastructure buildout as Nvidia sees it. A company that spent years being underestimated on demand is now telling investors — two years in advance — that its constraint is supply.
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