Nvidia gave its first-ever year-ahead forecast—a 70% growth bombshell meant to silence AI bubble critics and ‘circular
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Nvidia jolted investors on Wednesday with a projection that its revenue would skyrocket by 70% next fiscal year and said demand for its AI chips is growing at 100%, prompting an after-hours stock rally.
Key facts
The company earned $2.22 per share on a non-GAAP basis, above the $2.06 to $2.09 expected
Nvidia has also publicized investments of nearly $50 billion in frontier AI labs and has partnered with private equity giants Apollo, BlackRock, Blackstone, Goldman Sachs, and KKR to raise more
The 70% preliminary expectation wildly exceeded projections for fiscal 2028 revenue of roughly $570 billion, or 44% growth from fiscal 2027 (the current year)
Kress, in her CFO commentary, said supply and capacity commitments surged from $119 billion to $279 billion, driven by rising memory costs, a persistent boogeyman that has been behind rising prices
Summary
The 70% preliminary expectation wildly exceeded projections for fiscal 2028 revenue of roughly $570 billion, or 44% growth from fiscal 2027 (the current year). “We wanted to make sure that everybody has the same set of information,” CEO Jensen Huang said on a conference call Wednesday. “It is the case that we’ve never forecasted, never guided to a year in advance,” Huang noted later in the call. Melissa Otto, global head of Visible Alpha research at S&P Global, said the magnitude of growth on the top line “blew away expectations” especially given that Nvidia doesn’t normally provide such guidance.