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CNBC Top News · 26 August 2026 source

“Nvidia’s 70% growth forecast puts it on track to become tech’s No. 2 company by revenue”

R2/ 10
Lightly altered
Rubbish Rating — 1 = base fact, 10 = pure rubbish
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In short
Rubbish Talk rates CNBC's claim that Nvidia's 70% fiscal-2028 growth forecast puts it "on track to become tech's No. 2 company by revenue" a 2/10, because the figures check out against multiple independent outlets and the headline's "on track" framing correctly signals a forecast, not a done deal.
The Verdict
Lightly altered. The core numbers, Nvidia's 70% guidance versus a 44% analyst consensus, and the resulting revenue-rank claim, are corroborated by Bloomberg, Yahoo/Fortune and Seeking Alpha using the same LSEG/Visible Alpha data. The only thing missing is that this was an unprecedented, first-ever year-ahead projection rather than Nvidia's usual quarterly guidance, and it rests on Wall Street estimates for rivals rather than confirmed results.

What actually happened

Nvidia CFO Colette Kress told analysts on the fiscal Q2 earnings call that Nvidia expects fiscal 2028 revenue growth of 70%, while analysts were expecting 44%. Applying that growth rate to consensus fiscal 2027 revenue implies sales approaching $673 billion next year, a figure CNBC and rival outlets calculate would rank Nvidia above Apple and Alphabet, and second only to Amazon among U.S. tech companies. Huang said the forecast reflects supply constraints, not weaker demand: Colette Kress said in written commentary that shipments of those chips made up less than 1% of the company's data center revenue is unrelated context, but the demand point is direct: Huang stated the company's actual demand exceeds the guided figure.

Key facts

  • Guided fiscal 2028 revenue growth: 70%, versus analysts had projected revenue of roughly $570 billion, or 44% growth from fiscal 2027 before the update.
  • Bloomberg's independent tally puts the prior analyst consensus even closer: Analysts have projected a rise of about 45% for that year, according to data compiled by Bloomberg.
  • Implied fiscal 2028 revenue: consensus fiscal 2027 base of $396 billion, growing 70%, points to roughly $673 billion; Yahoo/Fortune's independent math lands slightly higher, in the $690-700 billion range.
  • This was Nvidia's first-ever year-ahead forecast: Huang told analysts it is the case that we've never forecasted, never guided to a year in advance.
  • Huang says the number is capped by supply, not demand: on the call he said "our demand is much greater than 70%," per Nvidia's own quote in the article body.

What to watch for

Watch whether Nvidia formalizes this 70% figure into actual quarterly guidance over the next few quarters, or walks it back if the memory shortage Huang flagged worsens. Also watch the fiscal-year mismatch: Nvidia's fiscal 2028 ends January 2028, while Apple, Amazon and Alphabet report on different fiscal calendars, so the "No. 2" ranking is an approximation built on staggered consensus estimates, not a same-day snapshot.

About this scoreThe R-Score is Rubbish Talk's editorial opinion on how far a headline's framing sits from what the underlying facts support. It is a judgement about presentation and emphasis, not an allegation that any outlet has acted dishonestly. Every figure we rely on is linked under Receipts so you can check it yourself.
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