Nvidia’s (NVDA) three-year run turned it into the world’s most valuable company and delivered returns most investors never expect to see across a full career.
Jensen Huang, Founder and Chief Executive Officer (CEO) of Nvidia, is publicly backing a revenue forecast that Wall Street hasn’t fully priced in yet.
Huang spoke to reporters at a September 17, 2026, artificial intelligence (AI) summit hosted by King Charles in Scotland. He told the press that Nvidia expects to sell twice as many chips next year as it ships this year, CNBC reported.
The pledge reinforces the 70% fiscal 2028 revenue growth forecast that Nvidia’s Chief Financial Officer (CFO) Colette Kress laid out on the company’s August 26, 2026, earnings call.
The stock is now roughly 6% below its May 2026 all-time high of $235.74, and Huang’s volume promise now faces the supply bottlenecks Kress acknowledged on that call.
Nvidia’s fiscal 2028 guidance dwarfs what analysts expected
Kress described that growth target as constrained by available supply, signaling that customer demand alone could support an even faster pace of revenue expansion.
Based on the consensus projection for fiscal 2027 revenue of about $396 billion, that growth rate would push annual sales to approximately $673 billion, CNBC reported.
The forecast landed far above what Wall Street had penciled in for fiscal 2028.
London Stock Exchange Group (LSEG) data showed the average analyst estimate was roughly 44% growth before the call. This means that Kress’ projection added approximately $200 billion to the prior consensus view, CNBC reported.
That $200 billion delta between company guidance and the prior Street consensus is the size that Stacy Rasgon, PhD, Managing Director and Senior Analyst, U.S. Semiconductors and Semiconductor Capital Equipment at Bernstein Research, flagged on the earnings call.
Robert Conzo, chief executive officer and managing director of The Wealth Alliance, told Kiplinger that the earnings report confirmed underlying demand is running ahead of what Nvidia can deliver right now.
<strong>Nvidia delivered another quarter of exceptional growth that exceeded already elevated expectations, while emphasizing that underlying demand is closer to 100% year-over-year growth and remains constrained by supply availability rather than customer demand</strong>
That distinction matters for shareholders assessing the fiscal 2028 target, because it reframes the 70% figure as a floor set by production capacity rather than a ceiling set by customer interest.
Broadening AI demand fuels the case for doubling output
Huang’s confidence in doubling chip volume rests on a demand pattern Kress described on the August 26 earnings call as stretching beyond the hyperscalers to a “massive market” of sovereigns, NeoClouds, and enterprises.
He also stated that AI reached its inflection point and noted that the number of companies needing large clusters of graphics processing units (GPUs) has expanded dramatically.
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Non-hyperscaler customers already represent roughly half of Nvidia’s data center business and are growing at approximately 100% annually, Huang noted on the call.
That widening buyer base supports Huang’s claim that demand for AI compute now spans industries, economies, and sovereign governments across nearly every market in which Nvidia operates.
The chipmaker does not publicly disclose total chip shipment figures, which makes it difficult for outside analysts to independently verify the doubling claim.
Nvidia did reveal at its October 2025 GPU Technology Conference in Washington that it shipped 6 million Blackwell graphics processing units across four quarters, Benzinga noted. A figure that some analysts have since disputed, as it counts silicon dies.
Supply constraints and analyst skepticism complicate the forecast
The volume pledge sounds straightforward, but Nvidia’s financial disclosures point to real bottlenecks that could limit what ships next year.
Kress acknowledged on the August 2026 call that the fiscal 2028 outlook reflects available supply. Huang told analysts on the same call that the growth rate would be ‘a lot higher’ without those production limits.
Memory scarcity is the biggest bottleneck Kress identified, and she noted that the AI buildout itself is driving much of that shortage across the semiconductor supply chain.
Gross margins are expected to bottom in the fourth quarter of fiscal 2027 at 71% to 72%, then settle at 72% to 73% in fiscal 2028, she explained on the call, as rising memory costs continue to pressure profitability.
Rasgon raised an additional layer of risk by noting that Nvidia has never issued guidance this far into the future.
Because this is the company’s first year-ahead forecast, there is no established track record to judge how dependable the projection will prove, Insider Monkey reported.
What Nvidia’s volume pledge signals for your portfolio
Conzo told Kiplinger that the geographic expansion of AI infrastructure investment was one of the clearest takeaways from the earnings call.
Sovereign AI and neocloud deployments are growing across regions spanning Asia, Europe, and the Middle East, he noted.
This signals that AI spending is becoming a strategic priority well beyond the United States hyperscalers and adds credibility to Huang’s volume pledge.
Nvidia’s stock has trailed the broader semiconductor sector by a wide margin this year, Motley Fool reported.
That underperformance persists despite the company beating Wall Street earnings estimates for fifteen consecutive quarters, another Motley Fool analysis noted.
That persistent gap between business performance and share price movement is what makes the broadening demand picture a key variable for investors watching for a catalyst.
The fiscal 2028 revenue target, if met, would vault Nvidia past Apple and Alphabet in annual sales and leave it behind only Amazon among major United States technology firms, CNBC’s analysis showed.
Nvidia’s ability to lock down enough high-bandwidth memory and manufacturing capacity will determine whether the company delivers hardware at the scale Huang is now publicly committing to ship.
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