JPMorgan: Nvidia's Growth Bottleneck Is Supply, Not Demand; 2028 Revenue Could Jump 70%

Nvidia's growth is facing a supply-side bottleneck rather than a demand problem, according to JPMorgan. The investment bank's analysts met with Nvidia's investor relations team and reported that management said the company's business could double year-over-year if supply constraints are resolved. JPMorgan's Harlan Sur maintained an overweight rating on the stock with a $320 price target. Nvidia's management expects revenue to grow about 70% in fiscal 2028, but Sur thinks the actual growth potential could be stronger given current customer demand. Sur noted that the company's early guidance for fiscal 2028 reflects a gap between internal demand signals and Wall Street expectations, and that releasing the outlook early helps suppliers and partners plan for higher demand levels. Nvidia also sees improved visibility into future demand.