JPMorgan Reaffirms Bullish Stance on Nvidia Amid Supply Chain Concerns

Nvidia's growth outlook remains strong according to JPMorgan analyst Harlan Sur, who met with Toshiya Hari, Vice President of Investor Relations & Strategic Finance at Nvidia. The company's investor relations team provided an out-year outlook due to stronger visibility into next year and a meaningful gap between Street estimates and internal projections.

Hari noted that absent supply constraints, the business could more than double year-over-year. He also stated that the 70% year-over-year growth framework for fiscal year 2028 was driven by continued strength across hyperscalers, neoclouds, AI labs, sovereign AI, and enterprise demand.

Nvidia's recent performance has shown revenue growth of 83% over the last twelve months, while 35 analysts have revised their earnings estimates upward for the upcoming period. Hari emphasized that the current outlook remains supply-constrained rather than demand-constrained.