Nvidia forecasts 70% FY28 revenue growth amid $99 bn AI investments and AGI claim
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Nvidia CFO Colette Kress told investors on August 26 that fiscal 2028 revenue should grow 70%, against a 44% average analyst estimate, in what outlets called the company's first ever year-ahead forecast. Kress separately disclosed on September 4 that Nvidia's own equity stakes in other AI companies now total about $99 billion. Jensen Huang posted that "AGI has arrived" after OpenAI launched GPT-6 Astra.
NVDA has done something it has never done before: guided a full year ahead. CFO Colette Kress told investors on the August 26 earnings call that fiscal 2028 revenue should grow 70%, against an average analyst estimate of 44% compiled by LSEG . Jensen Huang added that underlying customer demand signals point closer to a doubling, with supply constraints, not orders, capping the guided number.
A second disclosure on September 4 is the one that changes how the growth should be read. Kress put the value of Nvidia's own equity stakes in other AI companies at about $99 billion, spanning Intel, CoreWeave, Coherent, Nokia, Synopsys and Nebius among others . The direction matters and is easy to invert: this is Nvidia investing outward into its customer and supplier base, not capital flowing into Nvidia. When a supplier funds the buyers of its product at that scale, some share of forecast revenue is circular, and that is the substantive bear case against the 70% figure rather than valuation alone.
The third strand is rhetorical and drew immediate pushback. Huang posted "AGI has arrived" on X, congratulating OpenAI on the GPT-6 Astra launch and noting the model was trained on more than 100,000 Nvidia Grace Blackwell NVLink72 systems with another 400,000 GPUs coming online . Critics including Gary Marcus responded that there is no agreed definition of AGI to have arrived at. For investors the training-fleet number is the checkable part of that post; the AGI label is not.
What to watch: whether the 70% guide survives its first quarterly update, since a first-ever year-ahead forecast is also a first-ever opportunity to miss one, and whether Nvidia begins breaking out how much revenue comes from customers it holds equity in. On our own data, NVDA carries a SentiSense Rating of A at the 100th percentile as of September 5, and 3,272 institutions increased positions last quarter, adding a net 756.7 million shares. The stock last traded at $230.36, up 0.8%.
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