JPMorgan: NVIDIA's 70% FY28 Growth Driven by Supply Constraints and Expanding Inference Demand

JPMorgan's report on NVIDIA's investor meeting highlights that the projected 70% year-over-year growth for FY28 is a conservative estimate constrained by supply rather than demand. Inference has surpassed training as the largest and fastest-growing segment of NVIDIA's data center business. The customer base is diversifying, with emerging cloud providers now accounting for over 50% of infrastructure demand. NVIDIA is also leveraging strategic financing partnerships with firms like BlackRock and KKR to support long-term demand. JPMorgan maintains an overweigh