Nvidia Guides to 70% Growth for Fiscal 2028; Chip Stocks Rally
Nvidia reported second-quarter results after Wednesday's close and, for the first time in its history, gave a revenue forecast for a full year ahead. Quarterly revenue rose 106% year over year to $96.2B and data-center revenue climbed 117% to $89B; adjusted EPS was $2.22 and gross margin 75.0%. The $108B third-quarter outlook (plus or minus 2%) sits about $4B above consensus and assumes no data-center compute revenue from China at all. The number that moved the tape, though, came on the call rather than in the release: CFO Colette Kress said the company expects 70% revenue growth in fiscal 2028 and added that the figure is supply-constrained, with backlog now above $2 trillion.
The stock had slipped 1.3% on the initial print. After Kress's remark it rose close to 5% after hours, and it is up about 7% premarket. The move spread across the chip chain: Marvell +5.2%, SanDisk +4.9%, Micron +4.2%, Western Digital +3.4%, Broadcom +1.6%. The rally is not broad, though — Nasdaq 100 futures are up 1.0% and S&P 500 futures 0.4%, while Dow futures are down 0.1%.
The second story is in software.
