NVIDIA's 70% Growth Guidance Could Boost Its Revenue Beyond Apple and Alphabet, Propelling It to Second Among U.S. Tech Companies

On the Beat AI Newsflash, NVIDIA's Chief Financial Officer Colette Kress announced during the 2027 fiscal second-quarter earnings call that the company expects a 70% revenue increase in the 2028 fiscal year, significantly higher than the Wall Street average expectation of 44% reported by LSEG.

Based on the market's forecast for NVIDIA's 2027 fiscal year revenue of $396 billion, a 70% growth in the 2028 fiscal year would bring its annual revenue to around $673 billion. According to current Wall Street estimates, this scale would surpass both Apple and Alphabet, positioning NVIDIA as the second-highest revenue-generating company among U.S. tech firms, trailing only Amazon, which is still primarily a retail business.

NVIDIA CEO Jensen Huang stated that the company's actual demand growth is "well above 70%," but current supply constraints only allow them to confidently forecast a 70% growth. Global supply chain tightness of components like storage chips limits a higher guidance, prompting NVIDIA to continue expanding its capacity in collaboration with the supply chain.

Huang mentioned that NVIDIA has rarely provided such long-term performance forecasts in the past, but the company now sees the upcoming year's demand for computing power, with data center partners investing heavily in infrastructure such as land and power. Hence, consistent information must be provided to partners. He also noted that the AI infrastructure demand has evolved from early-stage deployment by a few hyperscale cloud providers and individual cutting-edge labs to a broader customer base, including regional AI enterprises, Neo-cloud, startups, corporate clients, open model ecosystems, and physical AI.