Nvidia CEO Jensen Huang has reaffirmed his prediction that the AI market will reach $3 trillion to $4 trillion by 2030, a forecast first made a year ago that is now entering its second year without revision. Supporting this outlook, Nvidia reported quarterly earnings that beat Wall Street estimates, with adjusted earnings of $2.22 per share on $96.2 billion in revenue. The company’s Data Center revenue of $89 billion also exceeded forecasts. The company is guiding for 70% revenue growth in fiscal 2028, well above analyst expectations of 45%. Huang attributed the demand to a new layer of AI-focused computing and the slowing of Moore’s Law, describing the semiconductor industry as poised for continued expansion.
Jensen Huang has repeated his prediction that the AI market is as stated on track to hit $3 trillion to $4 trillion by 2030, a forecast that has now held for a year. The Nvidia CEO supported his Jensen Huang AI prediction with the company’s recent quarterly performance during a recent event.
The latest quarterly report for Nvidia showed adjusted earnings of $2.22 per share on $96.2 billion in revenue, beating analyst expectations of $2.09 per share and $92.3 billion. Data Center revenue landed at $89 billion, above the $85.8 billion forecast. Edge Computing revenue, which includes gaming, came in at $7.2 billion versus the $6.6 billion analysts expected.
Nvidia is guiding for 70% revenue growth in fiscal 2028, significantly higher than the 45% analysts had modeled. Huang noted that growth would be over 100% if not for memory chip shortages. The main drivers for this buildout, according to Huang, are a new layer of computing focused on AI and the slow end of Moore’s Law.
When asked directly about how his year-old forecast was tracking, Huang did not hedge, stating “I just think we should just take a pause and acknowledge that I was right.” He also remarked that “the semiconductor industry is going to just keep getting larger and larger.” After a year of consistent data, the forecast is viewed less as a guess and more as a company roadmap, with analysts shifting focus from the target’s validity to the timeline for achieving it.
