NVIDIA FORECASTS 70% GROWTH, PROJECTS OVERTAKING APPLE AND ALPHABET

Nvidia announced a 70% revenue growth forecast for fiscal 2028 during its second-quarter earnings report on Wednesday, according to reports. Chief financial officer Colette Kress delivered the projection, which significantly exceeded the average analyst estimate of 44% growth for the period. Based on consensus projections of $396 billion in revenue for fiscal 2027, the forecast would put fiscal 2028 sales at $673 billion, according to Wall Street projections.

At that revenue level, Nvidia would rank as the second-largest technology company by sales among U.S. firms, behind only Amazon and ahead of Apple and Alphabet, according to Wall Street data. The company has emerged as the most valuable company in the world and continues to report historic growth rates. Revenue doubled in the latest quarter compared with the previous year. Chief executive Jensen Huang indicated on the earnings call that underlying demand exceeded the 70% forecast, stating: "Our demand is much greater than 70%." Nvidia attributed the gap between demand and guidance to supply constraints, including global shortages in memory components driven by artificial intelligence infrastructure buildouts.

The forecast boosted equity markets, with technology sector stocks and key indices climbing on Thursday morning following the announcement. Nvidia's position reflects its transformation from a specialised chipmaker into a central player in the artificial intelligence boom. The company had already reported second-quarter results that surpassed analyst estimates before announcing the forward guidance.