[JPMorgan: NVIDIA's FY28 Revenue Guidance Limited by Supply Constraints, Inference Business Share Continues to Rise] JPMorgan pointed out that NVIDIA's FY28 year-over-year growth guidance of 70% is constrained by supply limitations; if supply were sufficient, the business could grow by more than double. Inference has become the largest and continuously growing segment within the data center business. Advanced wafers and memory are the supply bottlenecks, and NVIDIA maintains partnerships with TSMC and the three major memory suppliers. OpenAI and Anthropic account for approximately 20% of end demand, potentially reaching close to 25% in FY28; emerging cloud providers now account for over 50%. NVIDIA supports long-term demand through revenue sharing, the PORTS-Pike campus, and a $500 billion private capital financing platform. JPMorgan maintains an overweight rating with a target price of $320, based on approximately 20x CY2026 expected earnings per share of $15.87.