Nvidia guides FY28 to ~$691B, non-hyperscaler demand growing 100% a year
Beth_Kindig · x · 2026-09-07
I/O Fund's Beth Kindig breaks down Nvidia's earnings call: the company broke its guidance cadence to forecast FY28 revenue of $691B (+70%), well above the $570B analyst consensus. Sovereign AI, regional AI, NeoClouds and enterprise AI startups now represent about half of business, growing 100% a year — showing demand is broadening beyond hyperscalers, even as Nvidia's accelerator share is expected to slip from 90% to 70% by end-2026 on custom-chip competition. At a mid-40% FCF margin, FY28 FCF could exceed $310B, nearly 2x covering current circular financing obligations.
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