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NVIDIA’s Q2 call added a 70% fiscal 2028 growth outlook not in the 8-K
Colette Kress called about 70% fiscal 2028 revenue growth a supply-constrained outlook. That sentence is not in Exhibit 99.1. Jensen Huang told analysts demand is greater than 70%.
TickerGrove Newsroom · Published 08-26-2026 · NVIDIA Corporation
Sources
NVIDIA fiscal Q2 2027 conference call, August 26, 2026. Dated Quartr transcript hosted by MarketBeat, independently re-read the same evening. Official Q2 FY27 investor slides checked for the 70% fiscal 2028 rate and found not to contain it. Furnished Q2 print from Exhibit 99.1 and Exhibit 99.2 to 8-K accession 0001045810-26-000073, already recapped at /stories/nvidia-q2-fy2027-results. AWS Newsroom dating from the August 26 capacity-plan release, recapped at /stories/nvidia-q2-fy2027-aws-expansion.
On NVIDIA’s August 26, 2026 conference call for fiscal Q2 2027, Colette Kress said the company expects to grow revenue by approximately 70% in fiscal 2028 and called that a supply-constrained outlook. That fiscal 2028 growth rate is call language. It is not in Exhibit 99.1, Exhibit 99.2, or the official Q2 FY27 investor slides. The furnished Q3 FY2027 outlook remains revenue of $108.0 billion, plus or minus 2%.
What changed
Joseph Moore of Morgan Stanley asked why NVIDIA was guiding a full year out. Jensen Huang, continuing the answer, said NVIDIA has never guided a year in advance, that demand is much greater than 70%, and that supply allows the company to confidently deliver 70%. Kress, in prepared remarks, also said customer forecasts point to growth doubling next year, but NVIDIA expects approximately 70% because it is supply-constrained.
Keep the furnished print and the call increment separate. Fiscal Q2 2027 GAAP revenue of $96.221 billion and the Q3 outlook of $108.0 billion plus or minus 2% remain on /stories/nvidia-q2-fy2027-results from the 8-K. The new object is the fiscal 2028 growth rate Kress stated on the call. Huang’s answer to Moore is the Q&A that belongs with that rate: demand much greater than 70%, supply allowing a confident 70%. TickerGrove is not treating later analyst arithmetic on that 70% as NVIDIA fact.
Kress also extended the margin path beyond the 8-K. Exhibit 99.1 already guides Q3 GAAP and non-GAAP gross margins of 74.0%, plus or minus 50 basis points. On the call she said margins are expected to bottom in Q4 in the 71%–72% range, then settle at 72%–73% in fiscal 2028 as executed price increases take effect in Q1. She said sequential Q3 growth is expected to be driven primarily by ACIE, with hyperscale re-accelerating in Q4 into fiscal 2028, and that Vera Rubin would account for about 20% of Data Center revenue in Q3. Those Q4 and fiscal 2028 margin ranges, and the 20% mix, are not in the furnished exhibits.
The AWS GPU plan still has two dated statements. NVIDIA’s August 26 Newsroom release, recapped at /stories/nvidia-q2-fy2027-aws-expansion, dates 2 million additional GPUs to 2027–2028. On the call, Kress said AWS is deploying an additional 2 million GPUs starting this quarter through the second quarter of fiscal 2029. Those windows do not match. TickerGrove holds the conflict and does not revise the Newsroom article from the transcript. This page does not invent other Q&A, a share-price reaction, or a recommendation.
A call sentence is not an 8-K exhibit
NVIDIA furnished Q2 results and a Q3 outlook in an 8-K. A later conference-call remark about fiscal 2028 growth is a different document with a different as-of. If it is not in the exhibits, say so.
Treat 70% as supply-constrained call language
Kress paired approximately 70% fiscal 2028 revenue growth with a supply-constrained label and said customer forecasts point to doubling. Huang told Moore demand is much greater than 70% and supply supports a confident 70%. The Q3 $108.0 billion plus-or-minus 2% outlook stays the furnished near-term object. Preliminary call remarks that CPU revenue could more than double in fiscal 2028, and that top-five hyperscaler capex is nearly $800 billion in 2026 and $1.3 trillion in 2027 with cloud backlog greater than $2 trillion, are also call language, not 8-K figures.
What we do not know
This article does not invent Q&A beyond named-analyst questions in the dated transcript, a share-price reaction, a consensus comparison, or a recommendation. It does not print analyst back-of-envelope conversions of the 70% rate into dollars. The AWS Newsroom 2027–2028 window and the call’s “this quarter through the second quarter of fiscal 2029” window conflict; both are stated, neither is chosen. Speaker labels on the Quartr transcript are numeric; Kress opened after Toshiya Hari, and Huang continued the Moore answer. If an official NVIDIA transcript later differs, this page yields.
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Sources & evidence
Primary documents used for this piece. Internal claim-lineage notes stay off this page.
NVIDIA Corporation
NVIDIA Q2 FY2027 conference call transcript, August 26, 2026
Fiscal 2028 revenue-growth outlook stated on the August 26, 2026 call
NVIDIA Corporation
NVIDIA Q2 FY2027 Exhibit 99.1, August 26, 2026
Fiscal Q3 2027 outlook as of August 26, 2026
Amazon Web Services and NVIDIA
NVIDIA Newsroom AWS expansion, August 26, 2026
Newsroom plan dated 2027–2028, announced August 26, 2026
Figures used in this article
The 70% fiscal 2028 growth rate, Q4 and fiscal 2028 margin ranges, and Vera Rubin mix are from the August 26, 2026 conference call. The $108.0 billion Q3 outlook and $96.221 billion Q2 revenue are the separate 8-K recap.
Figure
approximately 70%
- Entity
- NVIDIA Corporation
- Period / as-of
- Fiscal 2028 revenue-growth outlook stated on the August 26, 2026 call
- Unit / basis
- issuer-stated, supply-constrained; not in Exhibit 99.1 or Q2 FY27 slides
Figure
doubling next year
- Entity
- NVIDIA Corporation
- Period / as-of
- Customer forecasts as characterized by Colette Kress on the August 26, 2026 call
- Unit / basis
- issuer characterization of customer forecasts, not NVIDIA’s 70% outlook
Figure
$108.0 billion ±2%
- Entity
- NVIDIA Corporation
- Period / as-of
- Fiscal Q3 2027 outlook as of August 26, 2026
- Unit / basis
- furnished issuer revenue outlook; no China Data Center compute assumed
Figure
$96.221 billion
- Entity
- NVIDIA Corporation
- Period / as-of
- Fiscal Q2 2027 ended July 26, 2026
- Unit / basis
- GAAP revenue from the separate 8-K recap, not a call-only figure
Figure
74.0% ±50 basis points
- Entity
- NVIDIA Corporation
- Period / as-of
- Fiscal Q3 2027 outlook as of August 26, 2026
- Unit / basis
- furnished GAAP and non-GAAP gross-margin outlook
Figure
71%–72%
- Entity
- NVIDIA Corporation
- Period / as-of
- Fiscal Q4 2027 gross-margin trough stated on the August 26, 2026 call
- Unit / basis
- issuer-stated call language; not in Exhibit 99.1
Figure
72%–73%
- Entity
- NVIDIA Corporation
- Period / as-of
- Fiscal 2028 gross-margin range stated on the August 26, 2026 call
- Unit / basis
- issuer-stated call language after Q1 price increases; not in Exhibit 99.1
Figure
about 20%
- Entity
- NVIDIA Vera Rubin
- Period / as-of
- Fiscal Q3 2027 Data Center revenue mix stated on the August 26, 2026 call
- Unit / basis
- issuer-stated share of Data Center revenue; not in Exhibit 99.1
Figure
2 million additional GPUs
- Entity
- Amazon Web Services and NVIDIA
- Period / as-of
- Newsroom plan dated 2027–2028, announced August 26, 2026
- Unit / basis
- issuer-stated incremental GPU deployments; conflicts with call window
Figure
this quarter through Q2 FY2029
- Entity
- Amazon Web Services additional 2 million GPUs
- Period / as-of
- Colette Kress on the August 26, 2026 conference call
- Unit / basis
- call-stated deployment window; conflicts with Newsroom 2027–2028 dating
Figure
more than double
- Entity
- NVIDIA CPU revenue
- Period / as-of
- Preliminary fiscal 2028 expectation stated on the August 26, 2026 call
- Unit / basis
- issuer-stated preliminary call language; not in Exhibit 99.1
Figure
nearly $800 billion
- Entity
- Top-five hyperscalers
- Period / as-of
- Calendar 2026 capex as characterized by Colette Kress on the call
- Unit / basis
- issuer-stated call language, not an NVIDIA 8-K figure
Figure
$1.3 trillion
- Entity
- Top-five hyperscalers
- Period / as-of
- Calendar 2027 capex as characterized by Colette Kress on the call
- Unit / basis
- issuer-stated call language, not an NVIDIA 8-K figure
Figure
greater than $2 trillion
- Entity
- Cloud industry backlog
- Period / as-of
- As characterized by Colette Kress on the August 26, 2026 call
- Unit / basis
- issuer-stated call language, not an NVIDIA 8-K figure