Nvidia forecasts 70% fiscal 2028 growth, implying $673 billion in sales as demand expands beyond hyperscalers despite supply constraints.
Nvidia is projecting70% revenue growth in fiscal 2028, which would put annual sales at roughly$673 billionif the current Wall Street consensus for fiscal 2027 holds. That would move the chipmaker ahead of Apple and Alphabet by revenue, leaving only Amazon among US tech companies with higher projected sales.
CFO Colette Kress delivered the forecast on August 26, 2026. It is far above the44% average analyst estimatetracked by LSEG and marks a change in Nvidia’s disclosure: the company has not previously provided a forecast this far into the future, although CEO Jensen Huang has offered shorter-range indications of expected AI chip demand.
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“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 on that.”
Investors have worried that Nvidia’s growth depends too heavily on a small group of hyperscalers building data centers for a handful of frontier AI labs. Huang said the next phase will involve a wider set of buyers, including regional AI companies, neocloud providers, startups and conventional enterprises.
Nvidia groups those customers under the labelACIE. The company is selling them more than GPUs. Huang said its technology can supply much of the surrounding data-center stack, making Nvidia a broader infrastructure partner for organizations that cannot assemble the system themselves. The customer category was previously “largely invisible,” he said, but it now includes a growing number of companies deploying AI for useful production work rather than merely funding large-scale model training.
“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.”
A customer base spread across regional providers, startups and enterprises could reduce dependence on any one hyperscaler’s capital budget. It also gives Nvidia more opportunities to sell networking, systems and other data-center components alongside its processors, although the supplied results do not break out how much revenue comes from those products.
The demand is already affecting companies outside the US. European semiconductor stocks rose after Nvidia’s results: ASML gained about2.5%, while STMicroelectronics, Infineon Technologies and BE Semiconductor each rose between2% and 4%. The moves suggest investors expect continued spending on the equipment and components needed to build AI infrastructure, even as broader European indexes declined or held flat.
Nvidia’s role now extends beyond selling hardware. The company is investing in model developers including OpenAI and Anthropic, backing neocloud providers that rent Nvidia-powered compute, and helping arrange financing for data-center construction.
One example is$105 billion in financial support for a large compute campus under construction in Ohio, where OpenAI is expected to be the tenant. Nvidia has also announced a partnership with major Wall Street firms to arrange up to$500 billion in data-center financing. Those arrangements have raised concerns about circular financing: Nvidia helps fund customers or infrastructure, and that money can then flow back to Nvidia through purchases of its products.