NVIDIA’s Q2 call added a 70% fiscal 2028 growth outlook not in the 8-K

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%.

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.