Nvidia guided a year ahead for the first time, and its $690bn is now everyone's planning input

Kress presented the growth figure as a floor rather than a ceiling, describing the company as supply constrained and saying revenue could otherwise double.

CFO Colette Kress put fiscal 2028 revenue growth at roughly 70%, significantly above market expectations.

Run against this year's numbers, the roughly 70% growth guide implies something close to $690bn of revenue, against an analyst consensus nearer $570bn.

Nvidia has put roughly $50bn into frontier AI labs and carries maximum gross guarantee exposure of $108.5bn.

Nvidia has lined up Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR behind a plan to raise more than $500bn of third-party capital for AI infrastructure.

Kress said: "We recognise the scale of this support, and we know some will call this circular financing. We see it differently," adding "we're not making loans" and that independent capital underwrites each deal separately.

GAAP earnings of $2.46 a share came in above the non-GAAP figure of $2.22, an inversion produced by $7.77bn of net gains on equity securities.

Gross margin held at 75% and is guided to 74% this quarter, with Kress signalling a floor of 71 to 72% before settling at 72 to 73% next year, on rising memory costs; margin was the line analysts had said in advance they most wanted reassurance on.

Vera Rubin is in full production and Kress expects the fastest ramp the company has run, at around a fifth of data centre revenue this quarter.

Nvidia guided a full year ahead for the first time. Jensen Huang said: "It is the case that we've never forecasted, never guided to a year in advance."

Kress said: "we expect demand from the AI labs for which we expect to leverage our balance sheet to contribute toward roughly a quarter of our business next year."

Nvidia puts revenue per gigawatt of installed capacity at $18bn for Hopper, $25bn for Blackwell and $40bn for Rubin.

Kress said: "Each gigawatt of data center increased from, say, $30bn [in revenue] about five years ago to now $60bn today."

Mark Malek of Siebert said: "Nvidia has beaten every quarter for two straight years. The stock is flat since the last earnings call. Flat!"

Bill Birmingham of Rex Financial noted that July's reports of the OpenAI guarantees pushed Nvidia's five-year credit default swap spread from 40 to 82 basis points and took roughly $250bn off its equity value.

Nvidia's expansion further into the stack, from GPUs to CPUs to networking to its new Groq hardware, means it makes more money from every data centre it supports.

The low end of the current-quarter guide is about $105.8bn, still above the $104.19bn consensus.

Roughly $690bn over four quarters averages about $172.5bn a quarter, close to 60% above the $108.0bn guided for the current quarter.

On a $690bn year, one percentage point of gross margin is $6.9bn, and the distance from 75% to a 71% floor is about $27.6bn of gross profit.

GAAP earnings exceeded the non-GAAP figure by 24 cents a share.

The implied fiscal 2028 revenue of about $690bn sits roughly $120bn, or about 21%, above the $570bn analyst consensus.

Nvidia returned a record $26bn to shareholders in the quarter, $20bn in buybacks and $6bn in dividends, with the next payment of $0.25 a share due on 1 October.

A quarter of a roughly $690bn year is about $172bn of revenue attributable to AI labs Nvidia expects to support with its balance sheet.

The five-year credit default swap spread move from 40 to 82 basis points is a 42 basis point increase, more than a doubling.

The shares slipped about 1.3% on the release and only turned sharply higher once Kress reached the section of the call dealing with the $500bn financing plan.