TradingKey – JPMorgan analyst Harlan Sur noted that Nvidia’s (NVDA) framework of 70% year-over-year growth in FY28 is not an upper limit on demand; without supply constraints, business growth could have exceeded 100%. A key reason management provided a multi-year growth framework in advance is the significant gap between market consensus expectations and internal company projections.

The implication of Hari’s remarks is that the 70% growth rate is more like a growth floor that the company is willing to publicly confirm under current supply conditions, rather than an upper limit on demand. As production capacity is further released, Nvidia’s actual growth potential could be significantly higher than this figure.

This indicates that the core…