Nvidia CFO Colette Kress said on August 26, 2026 that the company expects 70% revenue growth in fiscal 2028, which would translate to roughly $673 billion in annual sales based on current fiscal 2027 consensus estimates. That figure would put Nvidia ahead of Apple and Alphabet, trailing only Amazon among major US tech firms. The outlook follows a fiscal 2027 second-quarter report showing $96.2 billion in revenue and 117% growth in data-center sales to $89 billion.
Nvidia announced hardware optimizations for popular Chinese open-source AI models, including DeepSeek's V4 Flash and Alibaba's Qwen 3.8, as part of a broader push to support open-weight systems. Alongside the announcement, an SEC filing tied to its quarterly earnings warned that potential White House restrictions on Chinese-origin AI could hurt its business by limiting its ability to support apps built on those models.
Nvidia reported revenue of $96.22 billion for the quarter ending July 2026, beating Wall Street's $91.90 billion estimate, with net income more than doubling to $53.95 billion. The company guided for roughly $108 billion in the current quarter and forecast about 70% revenue growth in fiscal 2028, well above the 45% analysts had projected. Shares rose over 7% after CFO Colette Kress said customer forecasts point to growth doubling next year, while CEO Jensen Huang confirmed the next-gen Vera Rubin chip is now in production.
Meta reached a $16.7 billion settlement with a coalition of state attorneys general who accused the company of misrepresenting the mental health risks its platforms pose to children. A court approved the deal Wednesday afternoon, which requires Meta to add daily usage limits, nighttime blocks for teens, and new parental oversight tools. California Attorney General Rob Bonta, who co-led the case, said the agreement is 'a floor conceptually, not a ceiling' and does not shield Meta from further legal action.
During Nvidia's Wednesday earnings call, CEO Jensen Huang claimed that for many practical tasks the company has already reached artificial general intelligence, but immediately called such milestones 'senseless.' He offered no clear definition or benchmark, instead pointing to AI's shift toward autonomous agents that can learn and improve themselves, and argued the real measure of progress is whether AI generates profitable output through increased compute use. This echoes remarks he made in March on a podcast, where he similarly asserted AGI had been reached before backing off the claim.
Nvidia's stock climbed in premarket trading Thursday following a quarterly earnings report that topped Wall Street forecasts and full-year guidance that exceeded even optimistic analyst projections. The rally comes alongside swirling speculation that Nvidia may be pursuing an acquisition of AI startup Hugging Face.
Nvidia shares jumped over 7% in premarket trading after strong revenue guidance calmed investor worries about slowing AI spending. CFO Colette Kress projected 70% revenue growth for fiscal 2028, while CEO Jensen Huang said actual demand exceeds that figure but supply constraints are limiting sales. The rally spread across the chip sector, lifting Micron, Marvell, Arm, Intel, AMD and cloud infrastructure firms Nebius and CoreWeave.
Nvidia is deploying massive financial resources, totaling roughly $279 billion, to secure priority access to manufacturing capacity and components needed for its AI chips. The strategy aims to keep Nvidia ahead of rivals by ensuring it never faces the supply shortages that have plagued the chip industry, though it carries real financial risk.
According to The Information, Nvidia has agreed to acquire AI model-sharing platform Hugging Face for about $12.9 billion, though Business Insider says talks are still ongoing without a signed deal. Neither company has confirmed the reports publicly. The price would make it Nvidia's largest acquisition ever, well above the $7 billion it paid for Mellanox in 2020.
According to a report from The Information, Nvidia has reached a deal to purchase Hugging Face, the popular open-source AI collaboration platform, for $12.9 billion. The talks reportedly began after another suitor expressed acquisition interest in Hugging Face, and Business Insider had separately reported the startup was working with a bank to gauge buyer interest. Neither Nvidia nor Hugging Face has confirmed the deal, and CNBC said it could not independently verify the report.
European stock indexes opened with a mixed performance, showing no unified direction across the region. However, artificial intelligence-related stocks stood out with notable gains, buoyed by Nvidia's latest earnings report.
The Information reports, citing a source familiar with the matter, that Nvidia has agreed to purchase Hugging Face, the widely used open-source AI model hub, in a deal valuing the company above $13 billion. Business Insider says the agreement has not yet been finalized and could still fall apart, and neither Nvidia nor Hugging Face has commented on the reports.
GoKawiil