Nvidia Projects 70% Revenue Growth for Fiscal 2028, Beating Analyst Forecasts
The chipmaker is diversifying its customer base and arranging billions in financing to sustain AI infrastructure demand.
Nvidia is forecasting a massive surge in revenue for fiscal 2028, signaling that the artificial intelligence infrastructure boom shows no signs of slowing. The projection suggests the company is preparing for a scale of growth that far exceeds current Wall Street expectations.
On August 26, 2026, Nvidia CFO Colette Kress projected 70% revenue growth for fiscal 2028. This figure significantly outstrips the average analyst estimate of 44% tracked by LSEG. The company's current momentum is underscored by its fiscal 2027 second-quarter results, where total revenue reached $96.2 billion, driven largely by a 117% increase in data-center revenue, which climbed to $89 billion.
Expanding the AI Ecosystem
Historically, Nvidia has avoided providing long-term forecasts, but the current demand environment has prompted a shift in strategy. The company is moving beyond its reliance on a few massive "hyperscalers" to serve a broader ecosystem it calls "ACIE"—comprising regional AI companies, neocloud providers, startups, and conventional enterprises. CEO Jensen Huang noted that while demand actually exceeds 70%, the company's current supply chain capacity is what allows them to confidently deliver that specific growth target.
Financing the Infrastructure
To sustain this trajectory, Nvidia is increasingly integrating itself into the financial layer of the AI industry. The company has partnered with Wall Street firms to arrange up to $500 billion in data-center financing. Most notably, Nvidia is providing up to $105 billion in financial support, including credits and guarantees, for a compute campus in Ohio known as PORTS-Pike, which is expected to be tenanted by OpenAI. Huang highlighted the unprecedented nature of this era, noting that this is the first generation of startups requiring tens of billions of dollars in funding to operate.
Market Implications and Risks
This aggressive expansion positions Nvidia to potentially become one of the largest U.S. companies by sales, surpassing the scale of giants like Apple and Alphabet. However, the strategy of facilitating customer financing has drawn scrutiny. Critics point to the risk of "circular financing," where Nvidia effectively helps subsidize the demand for its own hardware. This approach could potentially inflate growth figures and create systemic risk if the AI startups receiving this capital fail to achieve profitability.
What to Watch
Investors will be monitoring whether Nvidia can successfully scale its supply chain to meet the demand that Huang claims exceeds the 70% projection. Additionally, the viability of the "ACIE" customer segment will be critical; the company's long-term success now depends on whether regional providers and enterprises can generate enough value from AI to justify the massive capital expenditures being arranged through Nvidia's financial partnerships.