Huang Says Nvidia Will Sell Twice as Many Chips Next Year, Separate From Its 70% Revenue Guide

Speaking to reporters on the sidelines of a summit convened by King Charles III in Scotland on September 17, Nvidia CEO Jensen Huang said: "I expect Nvidia to sell twice as many chips as this next year as we do this year". He tied it to breadth of demand rather than to any single customer, saying AI has "so much contribution to the benefits of different industries, different economies" and that "in almost every single country that we're in, people want to invest in AI." That statement is about chip volume. Nvidia does not disclose total unit shipments, so it is a forward characterisation by the CEO, not a reported metric.

The 70% figure circulating in the same headlines comes from a different place. It is NVDA guidance for the fiscal year ending January 2028, issued by CFO Colette Kress with the fiscal second-quarter results earlier in September, and it implies revenue of roughly $673 billion to $680 billion. Huang reiterated it himself, but at the Goldman Sachs Communacopia and Technology Conference on September 10, a week before the Scotland remarks. Several outlets have merged the two into one quote. No source shows Huang linking the volume and revenue figures in a single statement, and a reader should also note that outlets shorthand the January 2028 fiscal year as "2027".

At that same September 10 conference Huang used the framing that has drawn the most commentary, calling Nvidia "the world's first and only growth value stock". He paired it with a forecast of $3 trillion to $4 trillion of AI infrastructure spending by 2030 and said unconstrained demand is running above 100%, with supply rather than orders the binding constraint. That last point is the one that reconciles the two numbers: doubling units implies growth above the 70% revenue guide, which is consistent with a company that says it is supply-limited, though no source states that reconciliation outright.

Sell-side positioning is already well ahead of the tape. SentiSense consensus puts the mean price target at $328.49 across 58 analysts, in a band from $180.00 to $515.00, roughly 49.8% above a recent quote of $219.67, with 58 buy ratings against 2 hold and 1 sell. What would test all of it is the supply side: the checkable version of "twice as many chips" is foundry and packaging capacity, and that shows up in quarterly results and supplier commentary rather than in conference remarks.