Nvidia Corp. Chief Executive Officer Jensen Huang during the Nvidia GTC conference on Wednesday, March 18, 2026 in San Jose, California, USA.
David Paul Morris | Bloomberg | Getty Images
Nvidia By the time CFO Colette Kress came on the earnings call to make some surprising predictions for next year, the company was already reporting better-than-expected results.
According to LSEG, Kress told investors that sales growth in fiscal 2028 will reach 70%, beating the average analyst estimate of 44%.
Next year’s sales will reach $673 billion, based on a consensus forecast of $396 billion in sales for the 2027 fiscal year, which ends in January. That would put Nvidia ahead of Apple and Alphabet among U.S. technology companies and behind Amazon, which remains primarily a retailer, according to Wall Street forecasts.
This is the latest notable milestone for the company, which was a fairly niche chipmaker before the artificial intelligence boom. Today, the company is the world’s most valuable company and continues to report historic growth rates. Sales in the latest quarter doubled compared to the same period last year.
The company is grappling with shortages of components such as memory, which is facing global supply shortages due to increased AI, and the guidance could have been even higher had it not been for supply constraints.
“Our demand is well above 70%,” CEO Jensen Huang said in an earnings call. “With our supply, we can confidently deliver 70%, and we will continue to work with our supply chain to improve that.”
Nvidia hasn’t traditionally provided predictions that far into the future, but in recent years Huang has provided several data points on expected sales of AI chips over the next two years.
He told analysts on a conference call that he provided the forecast because the company knows its computing power needs for next year, and because Nvidia’s chips are driving significant investment, it wanted to be consistent with partners that provide land and power.
“Everyone is putting a lot of resources into it, so we wanted to make sure everyone had the same information,” Huang said.
Nvidia said Wednesday that demand for its technology is shifting from large-scale multibillion-dollar AI buildouts to broader enterprises as AI can now do useful work.
Investors are concerned that Nvidia’s growth has been driven by a small number of large technology companies, known as hyperscalers, that are building data centers that ultimately serve a small number of frontier labs, primarily: OpenAI.
Huang said some of the early stages of the ramp-up were driven by “just one lab,” but things have changed and the chipmaker’s customer base is now much broader.
“Demand is accelerating,” Huang said in a statement accompanying the company’s second-quarter results. “This time last year, only one lab was ramping up, but today we are in a golden age of new AI labs and startups, with multiple frontier labs expanding in parallel, a thriving open model ecosystem, physical AI coming online, and strong momentum across the U.S. and around the world.”
Huang provided further details on the earnings call, noting that further growth is expected from a new category of customers, which he calls ACIE, including regional AI companies, neo-clouds, startups and enterprises.
He said Nvidia’s technology is attractive to the group because it can offer more technology in data centers than just chips. These customers used to be virtually invisible, he said.
Earlier this month, NVIDIA announced a program to help these companies and Frontier Labs obtain financing from six major financial companies.
“Over time, that part of the world’s computing could become larger than what we currently experience in the cloud,” Huang said. “The demand we’re seeing is being driven by all of these factors.”
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