Nvidia's 70% Growth Forecast Is a Supply Ceiling. Demand Is Actually Stronger Than That.
Yahoo Finance ·
Nvidia ( NVDA +2.58% ) delivered another impressive set of quarterly results last week, reporting that revenue grew by 106% to $96 billion. It was the fourth straight quarter of accelerating top-line growth, which is rare for a company with a revenue base this large. In the earnings release, CEO Jensen Huang declared that "compute is revenue" after arguing that AI had reached an "inflection point" by becoming productive. Data center revenue reached $89 billion, up 117%, as demand for its processors continued to outstrip the company's ability to supply them. Management forecast revenue growth of roughly 70% for fiscal 2028, noting that its production capacity was constrained by memory supply . "Our demand is much higher than that," Huang pointed out on the earnings call. CFO Colette Kress projected $1.3 trillion in capex from the top five hyperscalers next year and a cloud backlog of over $2 trillion.
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