NVIDIA
From gaming GPUs to the backbone of the AI economy.
In just a decade, NVIDIA has become the world’s most valuable company, fueled by one trend: AI.
What changed?
Instead of competing to build AI applications, NVIDIA built the infrastructure that powers them. Its GPUs, networking products, and CUDA software have become the foundation for training and running large AI models.
The numbers are staggering:
• Over 24,000% stock growth in the past decade.
• More than $80B in quarterly revenue.
• Gross margins around 75%.
• Roughly 7–8% of the S&P 500, making it one of the market’s biggest drivers.
But dominance doesn’t eliminate risk.
Much of NVIDIA’s growth depends on continued AI spending from a handful of hyperscalers like Microsoft, Amazon, Meta, and Alphabet. Investors are also watching rising competition, export restrictions to China, and whether AI infrastructure demand can stay this strong.
The biggest question isn’t whether NVIDIA is a great company.
It’s whether future growth can keep exceeding the already enormous expectations built into its valuation.
