Nvidia projects 70% revenue growth for 2028, boosting AI supercycle hopes

Nvidia projected 70% revenue growth for fiscal 2028 during its earnings call, boosting shares 4% in extended trading and reinforcing AI supercycle narratives. The forecast, called a "supply-constrained outlook" by CFO Colette Kress, drew four analyst questions. CEO Jensen Huang said unconstrained demand would be "a lot higher," with Bernstein estimating a $200 billion increase over prior expectations. Nvidia's customer base is concentrating, with five clients representing 70% of accounts receivable as of July, up from 56% a year ago. The company paired its growth projections with financing initiatives rather than emphasizing buybacks or margin expansion.