Nvidia Posts $96.2 Billion Quarter and Signals AI Demand Will Continue Through 2028

Nvidia reported $96.2 billion in fiscal second-quarter revenue, up 106% from a year earlier, as demand for data-center computing remained the company’s central growth engine. Profit also doubled year over year, and the forecast for the current quarter exceeded analyst estimates, according to Fortune. The result confirmed that spending on AI infrastructure remains enormous, even as investors scrutinize the pace of expansion.

The scale of the quarter puts Nvidia close to becoming a $100 billion-a-quarter company. The Verge reported that data-center sales accounted for most of the revenue, while Fortune described demand for Nvidia’s AI chips as accelerating. The result beat conventional expectations, but the market response initially showed that extraordinary growth has become the baseline investors use to judge Nvidia.

Nvidia’s most consequential announcement was its projection of approximately 70% revenue growth in fiscal 2028. Analysts had been expecting about 45%, according to Bloomberg, creating an implied sales figure of roughly $673 billion if current Wall Street estimates provide the starting point. Fortune said Nvidia’s outlook represented about $100 billion more revenue than analysts had anticipated for the next fiscal year.

That forecast extended the argument over how long AI infrastructure spending can continue. Several Bloomberg segments described the outlook as easing fears that the AI economy is losing momentum, while the initial market reaction was more restrained because the current-quarter forecast, although above estimates, fell short of the loftiest expectations. Shares rose more than 4% in after-hours trading in Fortune’s account, but other market coverage highlighted investor disappointment.

Nvidia’s results were strong by ordinary technology-industry standards, yet the stock’s response reflected unusually demanding expectations. Investors had spent weeks treating the earnings release as a test of whether hyperscalers and other customers would keep increasing AI budgets. A forecast that topped the average estimate still failed to satisfy some traders seeking another dramatic upside surprise.

The split was visible in analyst commentary. One Bloomberg guest said the results were not impressive enough, while another described Nvidia as operating from an exceptionally high position where almost any step represents a decline from peak expectations. At the same time, broader Bloomberg market coverage said the forecast helped ignite an AI rally and shifted debate toward the next phase of adoption. Nvidia’s numbers therefore delivered reassurance about demand, alongside a warning that valuation and expectations remain a separate risk.

Nvidia’s customer base is becoming broader than the cloud giants that initially dominated the AI spending story. Chief Financial Officer Colette Kress said about half of the data-center business comes from customers beyond hyperscalers, with those other segments growing faster than the largest cloud providers, according to Fortune.

That mix matters because it gives Nvidia more than one source of expansion. Enterprise buyers, specialized computing customers and other organizations are joining the market for accelerated data processing, while cloud companies continue building large AI systems. Fortune reported that demand for Nvidia’s products is growing at 100%, and Hacker News summarized the company’s view that demand is widening beyond hyperscalers despite supply constraints. The breadth of buyers supports Nvidia’s long-range forecast, but it also raises questions about how quickly newer customers convert spending into durable revenue.

Nvidia’s outlook puts pressure on every company supplying or buying AI infrastructure. Microsoft, Alphabet and Meta face continued incentives to expand data-center capacity, while Amazon remains a major cloud buyer and competitor through its own AI hardware efforts. AMD also faces a market leader forecasting exceptional growth well beyond the current earnings cycle.

The result strengthens Nvidia’s position across chips, networking and complete data-center systems. It also keeps supply chains central to the story. Fortune coverage of Jensen Huang’s meetings with leaders from SK Group, LG and TSMC underscored the close relationships surrounding memory, manufacturing and electronics production. Nvidia’s growth depends on those partners delivering at scale, while their investment plans depend on continued demand from Nvidia and its customers.

The next test is whether Nvidia can turn a bullish fiscal 2028 target into a sequence of quarterly results that keep pace with rising expectations. Investors will track data-center growth, supply availability, customer concentration and evidence that spending beyond hyperscalers is becoming a lasting business.

The company’s latest report gives both sides of the AI debate fresh evidence. Its $96.2 billion quarter and 70% fiscal 2028 growth outlook show that demand remains powerful. The muted reaction to an estimate-topping forecast shows that investors are measuring Nvidia against extraordinary standards, not ordinary corporate performance. The central question now concerns execution: whether deployments, manufacturing capacity and customer returns support the numbers Nvidia has put on the table.