What is the revenue growth rate for Silicon Labs in fiscal year 2022 
wo products on the Series 2 platform with three to four times more on the way, another great indicator of future demand. We're also incredibly proud of the xG24's performance on the important MLCommons Machine Learning and Inference Performance benchmark.
With integrated AI/ML hardware acceleration, the xG24 wireless SoCs provide up to four times faster processing with up to six times lower power consumption for machine learning workloads. This means even ultra-low-power wireless IoT devices can now be enhanced with machine learning capabilities. In early March, we held our 2022 analyst day event in New York. The Silicon Labs' executive team enjoyed ringing the opening bell at the NASDAQ to celebrate our 22 years as a public company and honored the achievements of our talented global workforce.
Silicon Labs entered 2022 a 100% focused on wireless connectivity for the IoT, and we are determined to lead the industry. We're excited by the impact our solutions and technologies are having on the industry and in people's lives. I couldn't be prouder of the team's execution and the future opportunity that we see. Silicon Labs is positioned to lead and scale in an IoT market expected to achieve tens of billions of units per year in the decade ahead.
We have the talent, the technology, and the trusted partnerships across every major ecosystem to be a driving force behind the success of the IoT and the market leader in this exciting segment of the semiconductor industry. Thank you for your time this morning. I will now turn the call back to Giovanni.
Giovanni Pacelli -- Senior Director of Finance
Thank you, Matt, and thank you for joining Silicon Labs Q1 2022 financial and business update. I'll now open the call for questions. [Operator instructions]
Questions & Answers:
Operator
We will now begin the question-and-answer session. [Operator instructions] And the first question comes from Gary Mobley with Wells Fargo Securities. Please go ahead.
Gary Mobley -- Wells Fargo Securities -- Analyst
Good morning, everybody. Let me extend my congratulations to a strong start to the fiscal year. Guys, at your analyst day on March 1, you endorsed perhaps 35% to 40% revenue growth in fiscal year '22. And with such a strong start to the first half of the year.
Are you still bracketing that growth rate or endorsing that growth rate? Or might we be at or above the high end of the range? And as well, a few hundred miles to the east you is another large chip company that was somewhat cautious with respect to the different supply chain concerns, specifically over in China, whatnot. So I'm curious to know to what extent does that second quarter guidance contemplates all the macro and supply chain risks that we hear about day-to-day.
John Hollister -- Chief Financial Officer
Yeah, Gary. This is John. Let me take the first part, and then I'll kick it over to Matt for the second part. But the indication we provided at analyst day was really relative to that event, we're guiding one quarter at a time.
I will say we're quite encouraged by the strength we continue to see in the business with design win momentum up nearly 80% year on year for the first quarter and continue to enable more supply. That's really the phenomenon that's happening right now is to the extent that we can activate more supply, we can deliver upside as we have demand that is in excess of our supply at the moment. And I'll pass it to Matt for the next part.
Matt Johnson -- President and Chief Executive Officer
Thanks, John. Hi, Gary. This is Matt. In terms of, I guess, looking at demand and supply that you mentioned, we definitely see some war lockdown pushouts out there.
And as soon as those happen, we're able to reallocate to other demand because the demand is meaningfully outpacing supply. So that gives us flexibility. On the supply side of all that, we do see issues pop up. And as John mentioned earlier, the operations team has been able to respond with alternatives or recover.
So definitely seeing both of those, but also seeing the team being able to navigate both of those.
Gary 
wo products on the Series 2 platform with three to four times more on the way, another great indicator of future demand. We're also incredibly proud of the xG24's performance on the important MLCommons Machine Learning and Inference Performance benchmark.
With integrated AI/ML hardware acceleration, the xG24 wireless SoCs provide up to four times faster processing with up to six times lower power consumption for machine learning workloads. This means even ultra-low-power wireless IoT devices can now be enhanced with machine learning capabilities. In early March, we held our 2022 analyst day event in New York. The Silicon Labs' executive team enjoyed ringing the opening bell at the NASDAQ to celebrate our 22 years as a public company and honored the achievements of our talented global workforce.
Silicon Labs entered 2022 a 100% focused on wireless connectivity for the IoT, and we are determined to lead the industry. We're excited by the impact our solutions and technologies are having on the industry and in people's lives. I couldn't be prouder of the team's execution and the future opportunity that we see. Silicon Labs is positioned to lead and scale in an IoT market expected to achieve tens of billions of units per year in the decade ahead.
We have the talent, the technology, and the trusted partnerships across every major ecosystem to be a driving force behind the success of the IoT and the market leader in this exciting segment of the semiconductor industry. Thank you for your time this morning. I will now turn the call back to Giovanni.
Giovanni Pacelli -- Senior Director of Finance
Thank you, Matt, and thank you for joining Silicon Labs Q1 2022 financial and business update. I'll now open the call for questions. [Operator instructions]
Questions & Answers:
Operator
We will now begin the question-and-answer session. [Operator instructions] And the first question comes from Gary Mobley with Wells Fargo Securities. Please go ahead.
Gary Mobley -- Wells Fargo Securities -- Analyst
Good morning, everybody. Let me extend my congratulations to a strong start to the fiscal year. Guys, at your analyst day on March 1, you endorsed perhaps 35% to 40% revenue growth in fiscal year '22. And with such a strong start to the first half of the year.
 Are you still bracketing that growth rate or endorsing that growth rate? Or might we be at or above the high end of the range? And as well, a few hundred miles to the east you is another large chip company that was somewhat cautious with respect to the different supply chain concerns, specifically over in China, whatnot. So I'm curious to know to what extent does that second quarter guidance contemplates all the macro and supply chain risks that we hear about day-to-day.
John Hollister -- Chief Financial Officer
Yeah, Gary. This is John. Let me take the first part, and then I'll kick it over to Matt for the second part. But the indication we provided at analyst day was really relative to that event, we're guiding one quarter at a time.
I will say we're quite encouraged by the strength we continue to see in the business with design win momentum up nearly 80% year on year for the first quarter and continue to enable more supply. That's really the phenomenon that's happening right now is to the extent that we can activate more supply, we can deliver upside as we have demand that is in excess of our supply at the moment. And I'll pass it to Matt for the next part.
Matt Johnson -- President and Chief Executive Officer
Thanks, John. Hi, Gary. This is Matt. In terms of, I guess, looking at demand and supply that you mentioned, we definitely see some war lockdown pushouts out there.
And as soon as those happen, we're able to reallocate to other demand because the demand is meaningfully outpacing supply. So that gives us flexibility. On the supply side of all that, we do see issues pop up. And as John mentioned earlier, the operations team has been able to respond with alternatives or recover.
So definitely seeing both of those, but also seeing the team being able to navigate both of those.
Gary 