NVIDIA Unveils Stunning Long-Term Financial Forecast! Tech Giants’ Revenue Rankings Reshuffled as It Surpasses Apple and Alphabet to Rank Second

NVIDIA (NVDA-US) released its quarterly results after market close on Wednesday (26th), reporting performance far exceeding market expectations. While the company's latest quarter revenue doubled compared to the previous year, the market was even more shocked when CFO Colette Kress revealed a stunning prediction during the earnings call: revenue will grow strongly next year.

Colette Kress, NVIDIA’s CFO, told investors that the company expects a 70% revenue growth rate for its fiscal year 2028, significantly higher than the average analyst estimate of 44% compiled by LSEG.

NVIDIA is currently in its fiscal year 2027 (ending January next year), with market estimates projecting revenue at $396 billion. The CFO’s forecast implies that revenue for fiscal year 2028 will climb to $673 billion.

According to CNBC, Wall Street projections suggest this revenue scale would allow NVIDIA to surpass Apple (AAPL-US) and Alphabet (GOOGL-US) in revenue among U.S. tech companies, ranking second only to Amazon (AMZN-US). However, Amazon remains primarily a retailer.

Before the artificial intelligence (AI) boom, NVIDIA was merely a relatively niche chipmaker. But amid the surging AI craze, the company has repeatedly achieved remarkable milestones: it has become the world’s most valuable company and continues to deliver historic high-speed growth.

If not for supply constraints, NVIDIA’s financial forecast could have been even higher. The company is currently facing shortages of components such as memory, and as global AI infrastructure expands rapidly, the memory market has fallen into a state of supply tension.

During the earnings call, NVIDIA CEO Jensen Huang said, “Our demand is well above 70%. Supply gives us confidence to achieve 70% growth, and we will continue working with our supply chain to further increase supply.”

NVIDIA has not previously issued such long-term financial forecasts, although CEO Huang has in recent years provided some forward-looking estimates for AI chip sales over the next two years.

He told analysts on the call that the reason for issuing this forecast now is because the company already has visibility into next year’s computing power demand. He added that since NVIDIA’s chips are driving large-scale investments, the company wants to stay aligned with partners who provide land and power.

“We all invest massive resources, so we want to ensure everyone has the same information,” Huang said.

On Wednesday, NVIDIA stated that as AI gains the ability to perform real-world tasks, technical demand is spreading from massive, multi-billion-dollar AI infrastructure investments to a broader base of enterprise customers.

Investors have long worried that NVIDIA’s growth is driven primarily by a few large tech companies—the so-called “hyperscalers”—who are aggressively expanding their data centers, much of which ultimately provides computing power to a handful of cutting-edge AI labs like OpenAI.

However, on Wednesday, Huang said that while early AI infrastructure expansion was driven by “one lab,” the situation has changed, and NVIDIA’s customer base is now much broader.

In a statement accompanying the earnings release, Huang said, “Demand is accelerating. This time last year, infrastructure expansion was driven by just one lab. Now, we’re entering a golden age of AI labs and startups, with multiple frontier AI labs scaling up simultaneously, open-model ecosystems flourishing, and physical AI beginning operations, showing strong momentum across the U.S. and globally.”

During the earnings call, Huang further revealed he sees greater growth potential in a new category of customers: ACIE, encompassing regional AI companies, neocloud providers, startups, and enterprises.

He said NVIDIA’s technology appeals to these customers not only because it provides chips but also a wide range of other data center technologies. He noted that these customers were mostly “invisible” in the past.

Earlier this month, NVIDIA announced a plan to help these companies and frontier AI labs access financing from six major financial institutions. Huang said, “Over time, the compute demand from this segment globally could likely exceed what we currently see in the cloud. The demand we see is driven by all these factors together.”