Key Takeaways:
Nvidia guided FY2028 revenue growth of roughly 70 percent, nearly double the 45 percent analysts expected, as Amazon committed to deploying 2 million additional GPUs.
"Demand is accelerating, and even facing supply shortages, we expect that growth rate," Nvidia's chief financial officer said on the earnings call.
The company's Q2 FY2028 earnings call on Aug. 26 revealed the raised outlook and the expanded AWS partnership. Amazon plans to deploy 2 million NVIDIA Blackwell Ultra, Rubin and Rubin Ultra GPUs in 2027-2028, building on more than 1 million GPUs announced at GTC 2026. The deployment spans AI factories, CPUs, networking and robotics workloads.
The guidance raise shows AI infrastructure demand is running ahead of every forecast. Nvidia shares rose 4.41 percent after hours, and the expanded AWS commitment — worth tens of billions of dollars — reflects the scale of hyperscaler capital spending.
"NVIDIA and AWS have built one of the great growth engines of the AI era, and demand is running ahead of every forecast," Jensen Huang, founder and CEO of NVIDIA, said in a statement.
The AWS expansion builds on 16 years of joint innovation between the two companies. AWS will add the GPUs across its global infrastructure to support workloads ranging from agentic AI and scientific discovery to enterprise automation and physical AI.
AWS also plans to bring NVIDIA Vera CPU-based infrastructure to its cloud, providing an additional option for agentic AI workloads requiring high-performance CPU compute. The companies are expanding support for NVIDIA NVLink Fusion with custom high-bandwidth memory to Annapurna Labs' Trainium chips, enabling integration of Trainium and GPUs within a common rack-scale architecture.
For federal workloads, AWS and NVIDIA plan to build AI factories for the U.S. government, delivering 100,000 GPUs on AWS's secure infrastructure for national-security workloads classified at Impact Level 6 and above.
AWS is the first major cloud provider to offer compute instances accelerated by NVIDIA RTX PRO 4500 Blackwell Server Edition GPUs. The new Amazon EC2 G7 instances deliver 4.6 times the AI inference performance and 2.1 times the graphics performance of the prior-generation G6 instances.
The raised outlook puts Nvidia's growth trajectory ahead of AI chip peers including AMD and Marvell Technology, which have guided to lower but still elevated growth rates. The CFO said customer expectations indicate growth will double, even as the company navigates supply constraints.
The guidance raise points to accelerating AI demand through fiscal 2028. Investors will watch Nvidia's next earnings call for updated segment margins and supply chain updates.
This article is for informational purposes only and does not constitute investment advice.
