Nvidia gave its first-ever year-ahead forecast—a 70% growth bombshell meant to silence AI bubble critics and ‘circular financing’ doomsayers

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.

“I think what wowed the market was that 70% fiscal year 2028 number that they gave that was way ahead of Visible Alpha consensus,” said Otto.

“I think the whole market was like, ‘Whoa, 70%.’” Chief financial officer Colette Kress said customers’ forecasts pointed to Nvidia’s growth doubling next year.

She delivered the news to investors after the market closed and her comments sent Nvidia’s stock rallying more than 4% in after-hours trading.

However, Nvidia is also battling with significant supply constraints, much like all the other mega-cap tech companies.

“Our entire supply chain is challenged, and it’s everybody; everybody is really running flat out,” Huang said.

Huang said that if not for these constraints, revenue growth next year would be even greater.

“Even though our demand is much greater than 70%, our supply allows us to confidently deliver 70%,” Huang said in response to an analyst question.

The never-before-seen growth forecast came after the company disclosed quarterly earnings results that crushed across the board.