Nvidia reported on Wednesday, August 26, quarterly revenues of $96.22 billion, above the $92.2 billion Wall Street had expected, and projected 70% growth for fiscal year 2028. Net income reached approximately $60 billion, according to results the company presented that day.

The market's appetite comes with a caveat analysts are already flagging: demand is concentrated among a handful of buyers. According to a Foreign Policy analysis published August 28, Amazon, Google, Meta, and Microsoft are projected to spend $1.5 trillion on data centers between this year and next, and those four companies, together with Nvidia, account for roughly 23% of the U.S. stock market's total value. Euronews reports that the bulk of the chipmaker's revenue continues to come from those same four companies, which are also designing their own chips to reduce dependence. For Mexico and Latin America, the angle to watch is demand concentration, because the pace at which AI infrastructure expands into new destinations, including the region, depends on it.

For the current quarter, the company guided revenues of $108 billion, and earnings per share came in at $2.22, above the $2.09 analysts had expected. The research firm Forrester, cited by Foreign Policy, notes that a gap persists between what major tech companies spend on data centers and how quickly AI generates profits. The same analysis compares the moment to Japan's stock market bubble of the late 1980s: the U.S. market's price-to-earnings ratio, near 23, is roughly one-third the level Tokyo reached in December 1989. Nvidia responded by financing part of the expansion: this month it added a $500 billion capital fund with six Wall Street asset managers and committed up to $105 billion for an OpenAI data center in Ohio.

The next milestone has a date: the Vera Rubin chip, the new generation the company is producing at scale, begins shipping in the second half of 2026. The question analysts will keep tracking is whether four clients are enough to sustain the pace.

This article was written with artificial intelligence assistance based on verified sources and reviewed by a human editor before publication.