ANKARA, TURKIYE – SEPTEMBER 29: In this photo illustration, logo of Nvidia is displayed on a mobile phone screen in Ankara, Turkiye on September 29, 2025. (Photo by Omer Taha Cetin/Anadolu via Getty Images)
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Will Nvidia stock (NASDAQ: NVDA) reach $350 in the upcoming years? This likelihood is more than mere speculation. In the last six months alone, Nvidia’s share price has almost doubled, soaring from around $94 per share to nearly $185. At first sight, trading at approximately 42x consensus adjusted FY’26 earnings and 62x for FY’25, the stock may seem expensive. However, considering Nvidia’s remarkable earnings growth (with EPS anticipated to increase by nearly 50% this year), its leading role in accelerated computing, and the substantial potential for AI adoption, the valuation begins to appear more justifiable. CEO Jensen Huang foresees that spending on AI infrastructure could rise to $4 trillion by the decade’s conclusion, and if artificial general intelligence (AGI) materializes even partially, the need for high-performance computing could soar. Below, we illustrate a possible path indicating how Nvidia’s revenue, profitability, and valuation multiples could elevate its stock to over $350 per share, nearing a $10 trillion market cap.
A Spree Of AI Dealmaking, AGI Are Long-term Revenue Growth Drivers
Nvidia’s revenues have nearly doubled over the past 12 months, while achieving an average annual growth rate of about 69% over the previous three years, and this momentum could persist. If Nvidia increases its sales at an average annual rate of approximately 60% for the next two years and around 45% in the third year—its revenues could rise from about $131 billion in FY’25 to roughly $486 billion by FY’28, or nearly 3.7x.
Several trends could continue to fuel Nvidia’s growth. While the initial AI models implemented by companies like OpenAI in 2022 were mainly text-based, AI is increasingly evolving to be multimodal—handling speech, images, video, and even 3D—which necessitates greater computing power and a higher quantity of GPU shipments. Activity in AI deal-making shows no signs of deceleration. In the past three months, Nvidia has completed some of its most significant AI-related agreements, including a $100 billion investment and partnership with OpenAI, covering the provision of advanced AI chips and an equity stake, a $6.3 billion cloud capacity agreement with CoreWeave, and Microsoft’s $19.4 billion contract with Nebius, which secures access to nearly 100,000 of Nvidia’s latest GPU chips to boost its AI capabilities. Separately, see How SOUN Stock Falls To $2?
The next significant tech revolution could be AGI—Artificial General Intelligence—and Nvidia is positioned at the core of it. Though the timeline is uncertain, the objective is to enable AI to reason, plan, and learn new tasks without requiring retraining. Artificial General Intelligence could conduct scientific research, generate innovative insights, or design complete products independently. This potential could unlock breakthroughs and innovations across various industries, with some models suggesting that AGI could elevate global GDP growth from low single-digit percentages to over 20% annually. [] As the world approaches AGI, Nvidia stands to gain significantly. AGI will require immense computing power to train and operate, far exceeding current AI models, and Nvidia’s GPUs are the gold standard for these high-performance functions.
Net Margins Will Remain Thick
Combining this robust revenue growth with the fact that Nvidia’s margins (net income, or profits after all expenses and taxes, expressed as a percentage of revenues) are on an upward trend—they increased from approximately 25% in FY’19 to around 51% in FY’25 as the company benefited from enhanced economies of scale and a more favorable product mix biased toward complex data center products. Software-related sales are also on the rise. We can assume that margins will remain stable at current levels since Nvidia’s introduction of pricier high-end products, such as the latest Blackwell chips, is offset by potentially increased costs and competition in the low-end market from competitors like AMD. With margins staying steady and revenue increasing 3.7x, we could witness earnings rise 3.7x.
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Strong Results Could Mean Earnings Multiples Hold Up
If earnings increase by 3.7x, the PE multiple will decline by 3.7x to approximately 18x, assuming the stock price remains constant. But that’s precisely what Nvidia investors are betting will not occur. If earnings grow 3.7x over the next few years, instead of the trailing PE decreasing from around 62x currently to roughly 18x, a situation where the PE metric remains around 32x appears quite probable. For context, Apple—a company experiencing low single-digit growth—trades at 30x. This scenario could mean Nvidia’s stock could grow by approximately 1.9x within the next three years or so, a tangible possibility, leading to a share price exceeding $350. What about the timeline for this high-return scenario? In practice, it won’t significantly matter whether it takes three years or four, as long as Nvidia continues on this revenue growth trajectory, coupled with margins holding steady, the stock price could respond accordingly.