Nvidia forecast 70% revenue growth for its fiscal year 2028, significantly exceeding Wall Street's 44% expectation. Based on consensus projections of $396 billion for fiscal 2027, this would push sales to $673 billion, positioning Nvidia as the second-largest US tech company by revenue behind Amazon. CEO Jensen Huang attributed the strong outlook to broadening demand beyond hyperscalers. He noted the company is now serving a wider customer base including regional AI companies, neo-clouds, startups, and enterprises. "This time last year, one lab alone was driving the buildout," Huang said, adding that demand now spans multiple frontier labs and a "thriving open-model ecosystem." Huang indicated actual demand exceeds 70%, with supply constraints—particularly memory shortages—limiting guidance. Nvidia provided the unusually long-term forecast to align with partners investing in complementary data centre infrastructure.

Nvidia forecast current-quarter revenue of $108 billion, exceeding the analyst average of $105.2 billion but falling short of some estimates above $110 billion. The company's shares dropped approximately 1% in after-hours trading. For the quarter ended 26 July, Nvidia reported revenue of $96.2 billion and adjusted profit of $2.22 per share, surpassing estimates of $92.5 billion and $2.09 respectively. Its data centre division generated $89 billion in revenue, beating forecasts of $85.8 billion. Nvidia announced its newest chip line, Vera Rubin, entered full production. Separately, Blackwell contributed $11 billion in sales. The company projected gross margin of approximately 74% for the current quarter. China remained a restricted market due to US export controls and Beijing's purchase limitations.

Nvidia is in talks to invest in Perplexity AI at a $30 billion valuation, up from $20 billion last year. The AI-powered search platform has seen its annualised revenue surge from $250 million to over $750 million this year. Nvidia's free cash flow reached $119 billion in the last 12 months, up 54% year-on-year, with gross margins near 75%. The semiconductor manufacturer has stakes in several companies including Intel, CoreWeave, and Nebius Group. However, concerns exist that Nvidia's circular financing arrangements—where its investments fund purchases of its own chips—could artificially inflate GPU demand. CEO Jensen Huang is expected to address the company's investment strategy during Nvidia's second quarter earnings call scheduled for 26 August.