Nvidia's stock dipped about 0.50% in Friday's premarket as risk appetite cooled for mega-cap tech, but the company's fiscal 2028 outlook has Wall Street buzzing with optimism. Nasdaq futures were down 0.23%, while S&P 500 futures slipped 0.01%.
Analysts at KeyBanc, Bernstein, and Goldman Sachs all came away from Nvidia's latest guidance with a more bullish stance, pointing to stronger-than-expected growth, durable AI demand, and supply constraints that could actually leave room for even more upside.
KeyBanc Sees Demand Supporting Growth Through 2028
KeyBanc Capital Markets analyst John Vinh told CNBC that Nvidia's 70% fiscal 2028 revenue-growth outlook significantly exceeded Wall Street's expectations of roughly 45%. He added that Nvidia sees enough demand to support 100% growth but remains supply-constrained. Vinh expects demand to stay durable through next year and into a significant portion of 2028.
KeyBanc maintains a $330 price forecast. Vinh also views Nvidia's customer financing as supporting genuine AI demand rather than artificially creating chip purchases.
Bernstein Says Rubin And Supply Access Strengthen Nvidia's Moat
Bernstein analyst Stacy Rasgon raised his price forecast to $400 from $315 after Nvidia's fiscal 2028 outlook came in well above prior expectations. Rasgon told CNBC that both buy-side and sell-side earnings estimates moved materially higher after the report. He also pointed to a strong Rubin ramp with no apparent delays as concrete evidence of accelerating growth.
Rasgon views Nvidia's balance sheet as another competitive advantage. He highlighted nearly $300 billion of direct supplier agreements covering memory, wafers, and other components, giving Nvidia greater ability to secure capacity than rivals.
Goldman Sees Upside Beyond Nvidia's 70% Forecast
Goldman Sachs analyst Jim Schneider raised his price forecast to $300 from $285 and said Nvidia's 70% growth outlook could prove conservative. Schneider told CNBC that customer demand exceeds 100%, while shortages of memory, data-center land, power, rack capacity, and other components limit shipments. Goldman's estimates already exceed Nvidia's stated growth outlook.
He also remains comfortable with Nvidia's financing commitments, saying most support supply-chain partners that need visibility before expanding capacity. Schneider expects Nvidia's 72% to 73% gross-margin outlook to ease concerns over rising component costs and sees share repurchases becoming more meaningful over the next six months.
Top ETF Exposure
- Sapient Quality Select ETF (NASDAQ:SQS): 9.60% Weight
- Franklin Focused Dynamic Growth ETF (NASDAQ:FFOG): 9.73% Weight
- First Trust Innovation Leaders ETF (NYSE:ILDR): 9.79% Weight
Significance: Because Nvidia carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
NVDA Price Action: Nvidia shares were down 0.32% at $227.24 during premarket trading on Friday.
