Adjusted earnings came in at $2.22 per share, also ahead of the $2.10 analysts expected.

The strong results sent NVDA shares higher in after-hours trading. The stock was last up about 7% following the earnings announcement and also received a boost from the company’s upbeat forecast for future growth.

NVIDIA Sees Another Big Year Ahead

Investors were bullish on NVIDIA’s guidance.

CFO Colette Kress said the company expects 70% revenue growth in fiscal 2028, well above the roughly 44% growth Wall Street had expected. Kress said customer forecasts “point to our growth doubling next year,” although she stressed that supply constraints will limit how much of that demand the company can actually fulfill, as noted by CNBC.

CEO Jensen Huang has also become increasingly bullish about the AI market. He has described artificial intelligence as reaching an “inflection point” as businesses and technology companies move from experimenting with AI to building it into their operations.

Analysts See Major Upside

Bernstein (NYSE: AB) analyst Stacy Rasgon said NVDA’s latest results should remind investors why they own the stock. Rasgon pointed to the enormous demand for NVIDIA’s chips and the company’s upcoming Vera Rubin product platform. The firm also has an Outperform rating on the company and raised its price target to $400 from $315.

Other major Wall Street firms were also positive following NVIDIA’s report.

Bank of America (NYSE: BAC) maintained a Buy rating and a $350 price target. The firm highlighted NVDA’s 70% fiscal 2028 growth forecast, saying it was significantly above consensus expectations.

The bank also pointed to roughly $500 billion in cumulative multiyear supply and other commitments. 

Morgan Stanley (NYSE: MS) raised its price target to $300 from $288 and kept an Overweight rating. Analyst Joseph Moore said NVDA’s longer-term revenue and gross-margin outlook was particularly encouraging.

Wells Fargo (NYSE: WFC) maintained an Overweight rating and a $315 price target. The firm cited the company’s strong competitive position in gaming GPUs as well as its growing opportunities in data centers, high-performance computing and AI applications such as autonomous vehicles, healthcare and robotics.

Goldman Sachs Raised its Price Target to $300

Goldman Sachs (NYSE: GS) raised its target to $300 from $285 and maintained a Buy rating. Analyst James Schneider said the company’s outlook was consistent with the most optimistic expectations among investors and created a clearer path for the stock to outperform the broader market.

JPMorgan (NYSE: JPM) raised its NVDA price target to $320 from $280 and kept an Overweight rating. Analyst Harlan Sur highlighted NVIDIA’s growing involvement in financing AI infrastructure.

NVIDIA is increasingly providing financial support and other arrangements that help AI companies and data center operators raise the money needed to build new facilities.

JPMorgan believes these efforts could create new recurring revenue opportunities for NVDA beyond its traditional hardware business.

UBS (NYSE: UBS) raised its price target to $300 from $280 and maintained a Buy rating. Analyst Tim Arcuri said the company’s decision to provide a clearer forecast for 2027 was especially important. He also argued that demand remains well above the company’s official outlook and could rise further if the company can overcome supply and data center capacity issues.

Jefferies (NYSE: JEF) also has a Buy rating and a $300 price target. The firm said NVDA’s 70% growth forecast could be a floor rather than a ceiling, with demand potentially closer to 100% growth if supply were unlimited. Jefferies even sees a path toward $1 trillion in annual revenue by 2029.

The Big Question for Investors

For NVIDIA investors, the latest earnings report answers one major question: AI demand is still incredibly strong. The bigger question is whether the company can keep up. The company must manage supply constraints, rising memory costs and increasing competition while continuing to meet the enormous expectations built into its stock price.

For now, Wall Street appears confident.

NVDA’s latest results suggest the AI spending boom still has plenty of room to run—and that the company’s biggest growth opportunities may still be ahead.

The company is already coming off a very strong first quarter. NVDA reported $81.62 billion in revenue, beating expectations by about $2.5 billion. That was its largest revenue beat ever at the time. And Jefferies thinks NVIDIA’s growth could get even stronger in the coming quarters.

NVDA Could Hit $108 Billion Next Quarter

Jefferies expects NVIDIA to report $108 billion in revenue for its fiscal third quarter. That would be about $4.3 billion higher than Wall Street’s current forecast. What’s interesting is that these estimates do not include the full impact of NVIDIA’s next-generation Vera Rubin platform.

Vera Rubin is expected to become NVIDIA’s next major growth driver as customers begin moving away from the company’s Blackwell systems. Jefferies analyst Blayne Curtis expects Rubin to become a much bigger part of NVIDIA’s business toward the end of 2026 and into 2027.

The firm expects Rubin-based systems to account for about 12% of NVIDIA’s GPU revenue in the fiscal third quarter of 2027. By the following quarter, that number could rise to more than 40%.

Curtis also believes fiscal first-quarter 2028 could be a major turning point. That’s when Rubin could overtake Blackwell as NVIDIA’s biggest source of revenue.

One reason Jefferies is so optimistic about Rubin is that NVIDIA appears to have made the new system easier and faster to assemble. Rubin’s NVL72 system continues to use a 72-GPU rack design, similar to NVIDIA’s previous Blackwell systems. That means data centers can build on infrastructure they already have.

In addition, Jefferies expects more than 13,000 Rubin racks to ship by the end of 2026. During 2027, the firm expects more than 120,000 racks to ship.

Big AI Companies Are Expected to Use Rubin

Another reason for the optimism is demand from the world’s biggest AI companies.

Jefferies expects major AI labs to adopt Rubin from the beginning. That would be different from NVIDIA’s Blackwell rollout, when some major AI customers did not immediately move to the new technology.

OpenAI is one example. On August 17, OpenAI and SB Energy announced plans for a massive AI data center campus. The project will use NVIDIA GPUs, CPUs and networking equipment to provide computing power for OpenAI’s next-generation AI systems.

The first phase is expected to provide 4.25 gigawatts of AI computing capacity. There is also an option to add another 3.75 gigawatts, potentially bringing the total to 8 gigawatts.

NVIDIA is investing $1.5 billion in SB Energy and is also providing credit support for parts of the project. The deal shows just how much money is being invested in AI infrastructure.

The Bottom Line

For NVDA investors, the upcoming earnings report could offer another look at just how strong demand for AI infrastructure remains. The company’s Blackwell chips are still driving substantial revenue, while Vera Rubin could give NVIDIA another boost as it rolls out to customers.

Of course, there are still questions around NVDA’s valuation, customer spending, and the company’s growing involvement in AI infrastructure financing. But if demand continues at its current pace, NVDA appears to have plenty of momentum heading into 2027.

The big question now is whether NVDA can deliver the kind of numbers investors have come to expect. If Jefferies is right, the company may have another record-breaking quarter — and potentially an even bigger growth story waiting with Vera Rubin.