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.
The 70% preliminary expectation wildly exceeded projections for fiscal 2028 revenue of roughly $570 billion, or 44% growth from fiscal 2027 (the current year). Nvidia’s projected growth, applied to fiscal 2027 revenue and expected revenue, would imply fiscal 2028 revenue in the range of $690 billion to $700 billion, more than $100 billion over the $570 billion analysts had been modeling.
“We wanted to make sure that everybody has the same set of information,” CEO Jensen Huang said on a conference call Wednesday. “We’ve got a huge year coming up next year, and it’s going to be pretty extraordinary.”
“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.
