NVIDIA expects its revenue to grow by approximately 70% in fiscal 2028, but CEO Jensen Huang says underlying demand is considerably stronger.
The company’s latest earnings call revealed a striking gap between what customers want and what NVIDIA expects to be able to supply.
CFO Colette Kress said NVIDIA expects approximately 70% revenue growth in fiscal 2028, describing the outlook as supply-constrained. The company also said customer forecasts indicate that demand could effectively double next year.
Huang was even more direct during the question-and-answer session.
“The unconstrained would be a lot higher.”
He said NVIDIA’s demand is growing at around 100% year-on-year, but the company currently has enough supply to confidently deliver around 70% growth.
The constraint is not limited to one component.
Huang said the entire supply chain is under pressure, with manufacturers operating at full capacity and additional production gradually coming online.
NVIDIA is also facing infrastructure constraints further downstream. Building AI data centres now requires securing land, power, buildings, cooling systems, labour and other infrastructure well before computing equipment can be deployed.
Huang said securing land, power and shell capacity can sometimes take two to three years.
That makes the AI infrastructure boom increasingly dependent not just on semiconductor production, but also on electricity availability, data-centre construction and supply-chain capacity.
The company expects supply to remain a bottleneck through at least the end of fiscal 2028.
For the broader data-centre industry, this means AI demand is no longer simply a question of whether customers want more computing capacity. The bigger question is how quickly the physical infrastructure required to deliver that computing can be built.
