Nvidia is signaling that its extraordinary AI-driven expansion has further to run, forecasting roughly 70% revenue growth in fiscal 2028-a pace that could lift annual sales to about $673 billion and potentially push the chipmaker past Apple and Google parent Alphabet in the revenue ranks of major U.S. technology companies.
The outlook is striking because of both its scale and its distance into the future. Nvidia typically doesn't provide revenue guidance that far ahead, but Chief Executive Jensen Huang said growing visibility into customers' computing plans has given the company enough confidence to outline what it believes it can supply.
Based on Wall Street's consensus estimate of roughly $396 billion in fiscal 2027 revenue, another 70% increase would put Nvidia near $673 billion the following year. CNBC reported that such a result could make Nvidia the second-largest U.S. technology company by annual revenue, behind only Amazon, assuming current projections for other companies broadly hold.
The forecast is substantially stronger than Wall Street had anticipated. Analysts had been expecting fiscal 2028 growth of about 44%, underscoring the extent to which Nvidia believes spending on artificial-intelligence infrastructure will continue expanding even after several years of enormous investment.
Huang indicated that supply, rather than customer appetite, is increasingly defining how quickly Nvidia can grow. "Our demand is much greater than 70%," Huang told analysts, saying the company's available supply gives it confidence that it can deliver growth at that level.
The long-range projection followed another quarter in which Nvidia's already enormous revenue base more than doubled. Second-quarter revenue reached $96.2 billion, rising 106% from a year earlier and 18% sequentially, while adjusted earnings came in at $2.22 a share.
Nvidia's data-center division remained the primary engine. Revenue from the business reached a record $89 billion, up 117% from the year-earlier period, reflecting continued demand for the computing systems used to train and operate increasingly sophisticated AI models.
For the third quarter, Nvidia expects approximately $108 billion in revenue. Reuters reported that continued AI infrastructure investment and demand for the company's next-generation Vera Rubin processors are supporting the outlook, even as shortages of memory and other components constrain how quickly new computing capacity can be deployed.
The customer base is also changing. The initial generative-AI infrastructure boom was dominated by hyperscale cloud providers, but Nvidia says regional AI operators, neocloud companies, startups and traditional enterprises are becoming increasingly important sources of demand.
Fortune reported that roughly half of Nvidia's data-center business now comes from customers outside the largest hyperscalers. That diversification could become important as investors scrutinize the enormous capital expenditures being made by the biggest technology companies and question how long spending can continue rising at its current rate.
Nvidia is simultaneously moving deeper into the financing of the infrastructure required to support those customers. Earlier in August, the company announced partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR designed to mobilize more than $500 billion in third-party capital for AI infrastructure over time.
Such financing could help address one of the central constraints facing the AI industry: building enough data centers, power generation and related infrastructure to convert demand for Nvidia processors into operating computing capacity. Nvidia increasingly has an interest not merely in selling chips but in ensuring customers can finance and construct the systems that house them.
The magnitude of the transformation is visible in Nvidia's annual numbers. The company generated $215.9 billion of revenue in fiscal 2026, an increase of 65%, with its data-center operation alone contributing $197.3 billion.
