Nvidia forecasts 70% revenue growth for FY2028; Jensen Huang says real demand is much higher

英伟达预计 2028 财年营收同比增 70%，黄仁勋称实际需求远高于此

Nvidia guided ~70% YoY revenue growth for FY2028 during its Q2 earnings call. Jensen Huang added that actual demand is far higher—70% is what they can supply, not what the market wants. He noted AI demand is spreading beyond hyperscalers to enterprises and governments, which the market hasn't fully priced in. Q2 revenue hit $96.22B, up 106% YoY, with data center contributing 92%. Q3 guidance is $108B, above the $104B analyst consensus. A risk flag: receivables ballooned from $38.5B to $63B in six months, with payment cycles stretching from 45 to 60 days. Nvidia also announced an additional 2M GPUs for AWS in 2027–2028, spanning Blackwell Ultra, Rubin, and Rubin Ultra.

Why it matters: Nvidia guided 70% FY2028 revenue growth, with Huang adding that real demand is far higher and sovereign AI isn't priced in. This is the compute-demand signal the market tracks most closely, but it's guidance, not results — hence below 85.