Quarterly guidance

Revenue
$108 billion, plus or minus 2%.
Gross Margin
74%, plus or minus 50 basis points.

Annual guidance

Revenue Growth
Approximately 70% year-over-year for fiscal year 2028.
Gross Margin
72% to 73% in fiscal year 2028.
Operating Expenses
Grow in the low 50s for the full year.
Tax Rate
16% to 18% for full year fiscal year 2027.

Outlook

Demand
Demand is significantly higher than the 70% growth guidance, but supply remains a bottleneck.
Memory Costs
Memory costs have exceeded expectations and are expected to head higher into next year.
Vera Rubin
Production shipments commenced this month, with expectations for the fastest product ramp in company history.
Hyperscalers
Hyperscale revenue growth is expected to reaccelerate in Q4 and into fiscal year 2028.
Data Center
Non-hyperscaler growth is expected to represent roughly half of the data center business.
Agentic AI
The shift to agentic AI is driving an acceleration in demand for data center CPUs.
China
There is no China data center compute revenue in the forward outlook due to geopolitical uncertainty.
Capital Returns
The company intends to increase and return excess free cash flow net of strategic uses.