Nvidia projects $673B in sales as AI demand widens

Nvidia has issued a forward-looking sales forecast of $673 billion, based on a 70 % growth assumption for fiscal 2028. This projection follows a quarter where data-center revenue more than doubled and reflects a shift in the company’s disclosure practice. The forecast is tied to an expectation that AI demand will spread beyond the current hyperscaler concentration.

To meet the projected demand, Nvidia is expanding its role from chip supplier to infrastructure financier, citing $105 billion in support for an Ohio compute campus and arrangements for up to $500 billion in data-center financing. The company says it is backing model developers, neocloud providers and helping arrange capital for data-center construction. These moves aim to give customers a broader stack of networking, systems and other components alongside GPUs. However, the financing structure creates a circular flow where funds Nvidia helps provide may return through chip purchases.

Supply, rather than demand, is now the near-term ceiling; component shortages in memory and other parts limit how high Nvidia can set its forecast. CFO Colette Kress noted that the current outlook is far above the 44 % average analyst estimate, indicating a gap between market expectations and the company’s confidence. If supply constraints persist, the projected sales growth may not be realized regardless of demand breadth. Conversely, if supply eases, the broader customer base could sustain the higher growth trajectory.