Nvidia’s 70% Outlook Puts the AI Trade Back in Focus

Nvidia’s latest earnings initially left investors unimpressed, but the mood changed quickly during the earnings call.

The chipmaker reported $96.2 billion in fiscal Q2 revenue and guided for around $108 billion in Q3, both ahead of Wall Street expectations. More importantly, CFO Colette Kress said Nvidia expects revenue to grow by around 70% in fiscal 2028, well above

the roughly 44% growth analysts had previously expected.

CEO Jensen Huang went even further, saying demand is actually growing at close to 100%, with supply constraints preventing Nvidia from fully meeting that demand.

That changes the conversation around the Nasdaq 100.

The market is no longer simply asking whether AI spending can continue. Nvidia is effectively saying demand is still accelerating — the bigger constraint is how quickly the industry can build enough capacity.

Nvidia shares rose around 4% after hours after the earnings call, reversing an earlier decline.

If the gains hold into the regular session, the result could give the broader US tech sector some fresh momentum.

For Nasdaq traders, the key now is whether Nvidia can turn this bullish outlook into a broader rebound across the AI trade — particularly after recent concerns over stretched valuations and rising Treasury yields.s