While Nvidia’s (NASDAQ: NVDA) rise since late 2022 has been well deserved considering the semiconductor giant’s pivotal role in the ongoing artificial intelligence (AI) boom, it has also, arguably, been a highly disruptive force for the standard stock market logic.
It took Apple (NASDAQ: AAPL) – a company famous for its incredible performance – more than 10 years to manage a jump from a market capitalization of approximately $400 billion to about $3 trillion.
The blue-chip chipmaker, however, achieved the same in less than two.
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Things took another turn during trading on June 5 when Nvidia achieved another milestone and overtook Apple to become the second-biggest company in the world – though the order again shifted by June 7.
Can Nvidia become bigger than Germany?
Additionally, one market expert – Louis Navellier – believes that despite NVDA’s already-staggering rise, the chipmaker has significantly more room to grow and that it will, indeed, soon aim for an unprecedented market cap of $5 trillion.
For context, such a move would make Nvidia bigger than the GDP of all countries apart from the U.S. and China.
Navellier considers that part of the growth will be driven by acquisitions as he considers Nvidia – along with Apple and Microsoft (NASDAQ: MSFT) – to be well-position thanks to their existing AI investments and infrastructure, to absorb smaller companies with novel ideas and technologies.
Finally, unlike some other market experts who have already described the current state of the AI industry as a bubble, Louis Navellier believes such a designation is incorrect.
Nvidia stock price chart
Looking at Nvidia’s performance in the last 52 weeks, the highly bullish forecast appears apt. Indeed, NVDA shares have been shooting up nearly continuously ever since the AI boom started in earnest with the release of OpenAI’s flagship platform, ChatGPT.
In the last 12 months, the stock is up 213%, and its 2024 is similarly strong as Nvidia shares are 150.61% in the green since the markets opened on January 2.
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