Nvidia forecasts 70% FY28 revenue growth amid $99 bn AI investments and AGI claim

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%.