NVIDIA's Growth Projections Bolstered by Supply-Constrained Business

NVIDIA's stock (NVDA) has garnered attention following a virtual meeting between JPMorgan analysts and the company's investor relations team. During this discussion, NVIDIA expressed comfort with a projected year-over-year growth framework for fiscal 2028 of roughly 70 percent.

The conversation centered around broad strength across hyperscalers and enterprise segments, with NVIDIA highlighting its supply-constrained business rather than demand-limited one. This suggests that without these constraints, the company could potentially double revenue.

Notably, inference now constitutes a larger share of data center revenue, a reversal from 18 months ago when it comprised about half. This evolution may sustain momentum as training demand evolves.

Some analysts have pointed to valuation compression over recent months, positioning NVIDIA's stock near broader market multiples while delivering faster earnings growth.