Nvidia issues first long-range revenue outlook, projecting 70% jump for fiscal 2028

Nvidia unveiled its initial full-year revenue projection, expecting a 70% increase for fiscal 2028, which exceeds analyst estimates by more than $100 billion. The company also reported second-quarter revenue of $96.2 billion, a 106% year-over-year rise, and guided third-quarter revenue to $108 billion. CEO Jensen Huang noted that supply constraints are limiting even faster growth, as demand outpaces the 70% forecast.

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Nvidia's decision to issue a full-year revenue forecast marks a significant departure from its customary practice of providing only quarterly guidance. The projected $690–700 billion range for fiscal 2028 exceeds Wall Street's consensus by more than $100 billion, reflecting the company's confidence in sustained AI infrastructure spending. Supply chain bottlenecks, affecting the entire industry, remain the primary brake on even faster expansion.

Demand is increasingly fueled by non-hyperscale buyers—sovereign AI programs, neoclouds, startups, and enterprises—which now constitute roughly half of revenue and are growing at 100% annually. Huang attributed this surge to agentic AI systems that consume 15 to 100 times more compute than human users