Nvidia projects fiscal 2028 revenue near $700 billion, surpassing Apple and Alphabet

September 7, 2026 at 03:31 AM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Nvidia CFO Colette Kress told investors on August 26 that fiscal 2028 revenue will grow 70%, implying revenue near $673 billion to $700 billion. The forecast, the company's first year-ahead guidance, would place Nvidia ahead of Apple and Alphabet and behind only Amazon among U.S. tech companies by revenue. Shares jumped roughly 8.7% on the news, lifting the broader semiconductor sector.

Key Facts

Nvidia's fiscal 2028 revenue growth forecast of 70% implies revenue near $673 billion to $700 billion, based on the roughly $396 billion consensus estimate for fiscal 2027.
Fiscal second-quarter revenue more than doubled to $96.22 billion, up 106% year over year, with data center revenue of $89 billion, up 117%.
CEO Jensen Huang said AI has reached the point where it is doing productive, profitable work and that computing capacity itself is now translating directly into revenue.
Management said the 70% figure reflects supply constraints, primarily memory component shortages, rather than a ceiling on actual demand, and the outlook excludes China data center revenue.
Bernstein analyst Stacy Rasgon noted the 70% figure represents roughly a $200 billion uptick versus Nvidia's prior outlook and that the company has no track record for long-range forecasting.

First Year-Ahead Forecast

Nvidia CFO Colette Kress told investors on August 26 that fiscal 2028 revenue growth will reach 70%, far above the 44% average analyst estimate tracked by LSEG. Applied to the roughly $396 billion consensus estimate for fiscal 2027, that guidance implies fiscal 2028 revenue near $673 billion to $700 billion. It would put Nvidia ahead of Apple and Alphabet and behind only Amazon among U.S. tech companies by revenue. The forecast followed fiscal second-quarter results that beat expectations across the board: revenue more than doubled to $96.22 billion, up 106% year over year, with data center revenue of $89 billion, up 117%, now making up 92% of total sales.

Demand and Supply Constraints

CEO Jensen Huang told investors AI has reached the point where it is doing productive, profitable work and that computing capacity itself is now translating directly into revenue. Management said the 70% figure shows supply constraints, primarily memory component shortages, rather than a ceiling on actual demand, and the outlook excludes China data center revenue. Huang said demand is now coming from hyperscale cloud providers alongside sovereign AI programs, neoclouds, AI startups, and enterprises. Huang told analysts the unconstrained growth rate would be "a lot higher" than 70%, with memory supply the actual limiting factor.

Market Reaction and Analyst Skepticism

Shares jumped roughly 8.7% on the news, lifting the broader semiconductor sector. Broadcom, SK Hynix and Intel all gained alongside Nvidia after the forecast. Bernstein's Stacy Rasgon noted the 70% figure represents roughly a $200 billion uptick versus Nvidia's prior outlook. Rasgon said because this is literally the company's first year-ahead guide ever, there is no track record yet to judge how dependable Nvidia's long-range forecasting actually is.