Nvidia Chief Financial Officer Colette Kress said on the company’s fiscal 2027 second-quarter earnings call that Nvidia expects revenue to grow 70% in fiscal 2028, well above the 44% Wall Street consensus tracked by LSEG.
Using the market forecast of $396 billion in Nvidia revenue for fiscal 2027, a 70% increase would lift annual revenue to about $673 billion in fiscal 2028. Based on current Wall Street projections, that would put Nvidia ahead of Apple and Alphabet and make it the second-largest U.S. technology company by revenue, behind Amazon, which still derives most of its business from retail.
Huang says demand is running above the company’s formal outlook
Chief Executive Officer Jensen Huang said actual demand growth is 「远高于 70%」 (“far above 70%”), but the company’s current supply capacity only supports a 70% forecast that it can issue with confidence.
He said tight global supplies of memory chips and other components are preventing Nvidia from giving a higher outlook. The company will keep working with supply-chain partners to expand capacity.
Why Nvidia is giving a longer-term forecast
Huang said Nvidia has rarely offered such a long-range performance forecast in the past, but the company can now already see next year’s computing demand. At the same time, data-center partners involved in land and power are committing substantial resources, so Nvidia needs to give partners a consistent message.
He also said demand for AI infrastructure has expanded beyond an early phase driven by a small number of hyperscale cloud service providers and a single frontier laboratory. That demand now comes from a broader set of customers, including regional AI companies, neo-cloud providers, startups, enterprise clients, the open-model ecosystem and physical AI.