Nvidia guides FY28 to ~$691B: non-hyperscaler AI customers now half of business, growing 100% a year
Beth_Kindig · x · 2026-09-05
I/O Fund's deep dive on Nvidia's fiscal Q2: management revealed sovereign AI, regional AIs, NeoClouds and enterprise AI startups now represent about half the business, growing 100% a year. Nvidia broke its usual cadence by guiding FY28 to 70% growth ($691B) versus analyst estimates of $570B. While market share may slip from 90% to 70% by end of 2026 due to hyperscaler custom chips, the earnings show AI infrastructure demand broadening beyond Big Tech; the author models NVDA's ACIE conservatively overtaking hyperscalers in 5-6 quarters at 14% QoQ growth, or as soon as 2 quarters if the Q2 pace holds.
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