Nvidia Is Sold Out: Jensen “Can’t Give You Chips for 2028,” Says Palo Alto CEO

Key Takeaways

• Palo Alto Networks CEO Nikesh Arora says NVIDIA can’t supply chips for 2028, and Microsoft, Alphabet and Amazon report their capital spending plans next week.

• NVIDIA’s growth through 2028 looks limited by how many chips it can make, so Wall Street’s revenue estimates look conservative.

• Analysts expect revenue to rise 68% in the year ending January 2028. That’s in line with management’s guidance, which it says is limited by supply.

• NVIDIA trades at 17x forward earnings, its lowest multiple in three years.

AI critic Ed Zitron thinks NVIDIA (NVDA:NASDAQ) is selling a shortage it made up.

“There’s not scarcity other than that which is created by Jensen Huang,” Zitron, CEO of public relations firm EZPR, told Yahoo Finance’s The 8:30 on Friday. He called it “channel stuffing”: pushing customers to buy now, before the chips run out.

Then a big buyer of AI computing power described what the market actually looks like.

On this week’s All-In podcast, Palo Alto Networks (PANW:NASDAQ) CEO Nikesh Arora said building his own AI data centers would be “kind of an empty threat.” Part of the reason:

“you talk to Jensen, he can’t give you chips for 2028.”

Channel stuffing usually looks a little…