Jensen Huang explains why Nvidia will grow an astounding 70% next year

Nvidia CEO Jensen Huang, speaking at the Goldman Sachs Communacopia + Technology conference, reiterated his projection of 70% year-over-year revenue growth for fiscal 2028, which would put the company at approximately $680 billion in revenue against an expected $400 billion this year. Huang attributes his confidence to Nvidia's ubiquitous position across the AI ecosystem, stating the company runs every major AI model and tracks every significant data center development globally. He pushed back on the perception that Nvidia is a chip company, noting a single GPU system now costs $8.5 million and consists of 2 million parts, with one product line posting 27% month-over-month sales growth. On concerns about circular investment deals, Huang claimed Nvidia requires verified customer contracts before investing and has reviewed $100 billion worth of such agreements. Competition from hyperscalers, AI labs, and startups like Cerebras and Etched remains a watch item as AI infrastructure spending eventually matures toward greater efficiency.