While the world sees a GPU company, management is building a major business in a market it has never addressed before. The company now has visibility to nearly $20 billion in total CPU revenue this year. This shift reframes the growth story from components to full systems.

This expansion is why the upside case hinges on revenue. The company is no longer just selling accelerators; it is assembling the AI factories that define modern data centers. This systems-level strategy dramatically expands the addressable market.

That’s the story for NVIDIA (NVDA). The question is whether it’s strong enough to deliver real upside from here, or whether today’s price has already absorbed most of the optimism. Mostly yes. A conservative…