Nvidia forecasts about $673 billion in fiscal 2028 sales as AI demand spreads beyond hyperscalers

Nvidia issues its first long-range forecast

Nvidia has guided investors toward roughly 70% revenue growth in fiscal 2028, a pace that would put annual sales at approximately $673 billion if the current Wall Street consensus for fiscal 2027 holds. CFO Colette Kress delivered the outlook on August 26, 2026, according to forgeeks.net.

The number sits well above the 44% average analyst estimate tracked by LSEG, and it marks a shift in how the company communicates: Nvidia has not previously offered formal guidance this far into the future, although CEO Jensen Huang has signaled shorter-range expectations for AI chip demand in the past. If the forecast holds, Nvidia's revenue would move ahead of both Apple and Alphabet, leaving Amazon as the only US technology company with larger projected sales.

The quarter that underpins the outlook

The forecast was grounded in Nvidia's fiscal 2027 second-quarter results. Quarterly revenue came in at $96.2 billion, more than double the figure from a year earlier, while data-center revenue climbed 117% to $89 billion.

The share-price reaction varied by account: one report put the gain at about 4% in extended trading, while another placed the session's high at 5.6%. According to forgeeks.net, the discrepancy reflects the trading range reported after the earnings release rather than any change to the forecast itself.

Supply, not demand, is the ceiling

Huang said shortages in components, memory among them, prevented Nvidia from projecting even faster growth, as AI infrastructure absorbs a growing share of global chip and memory capacity. "Our demand is much greater than 70%. Our supply allows us to confidently deliver 70%, and we're going to continue to work with our supply chain to increase on that," he said.

The customer base is widening

Investors have long worried that Nvidia's growth rests on a narrow foundation: a handful of hyperscalers building data centers for a few frontier AI labs. Huang argued the next phase involves a broader set of buyers — regional AI companies, neocloud providers that rent out compute, startups and conventional enterprises — a group Nvidia labels ACIE.

That category was "largely invisible" a year ago, Huang said, but now includes a rising number of organizations running AI for production purposes rather than only funding large-scale model training. "This time last year, one lab alone was driving the buildout; today, we have a golden age of new AI labs and startups, multiple frontier labs scaling in parallel, a thriving open-model ecosystem and physical AI coming online — with strong momentum across the U.S. and around the world," he said.

The shift matters commercially as well. Nvidia is selling these customers more than GPUs; Huang said its technology can cover much of the surrounding data-center stack, positioning the company as a full infrastructure partner for organizations that cannot assemble such systems themselves. The reported results do not break out how much revenue those non-chip products generate.

The demand signal reached beyond the US. European semiconductor stocks rose after the results, with ASML up about 2.5% and STMicroelectronics, Infineon Technologies and BE Semiconductor each gaining between 2% and 4%, even as broader European indexes declined or held flat.

Nvidia is also financing the buildout

Nvidia's role now extends past hardware sales. It has invested in model developers including OpenAI and Anthropic, backed neocloud providers, and helped arrange financing for data-center construction — including $105 billion in financial support for a large compute campus under construction in Ohio, where OpenAI is expected to be the tenant. A partnership with major Wall Street firms aims to arrange up to $500 billion in data-center financing.

Those arrangements have raised concerns about circular financing, in which Nvidia helps fund customers or infrastructure and the money flows back through purchases of its own products. Huang defended the strategy by arguing that frontier AI companies need unusually large amounts of capital before their balance sheets allow cheap borrowing: "They're not investment grade. They don't have the track record, the capital track record, the financial track record, to be able to capture or secure capital at a low cost. And this is where Nvidia could be helpful."

He added that Nvidia's infrastructure can be redeployed across customers and workloads if any single AI company fails, and said of the investments: "The money we've invested is going to generate tremendous returns. I think the risk is low." That is Nvidia's own assessment, not an independent evaluation of the financing risk.

Why it matters

A $673 billion revenue forecast from the dominant AI chip supplier is the clearest signal yet that the AI infrastructure buildout is expected to keep compounding rather than plateau after the hyperscaler phase. It also reframes two risks. First, supply — memory and component shortages — is now the binding constraint, which points to continued pressure across the semiconductor supply chain, as the European chip-equipment rally suggests. Second, Nvidia is becoming both supplier and financier to its customers, and the open question is whether the broadening ACIE base can sustain this growth without Nvidia's balance sheet continuing to underwrite it.