Key Points

• Nvidia’s revenue growth accelerated in its most recently reported quarter, and guidance called for more strong growth in fiscal Q4.

• Big tech is planning unusually heavy spending on data centers in 2026, supporting the bull case for near-term GPU demand.

• Over five years, a more normal cycle and weaker pricing power could cap returns even if the business executes.

• 10 stocks we like better than Nvidia ›

Shares of chipmaker Nvidia (NASDAQ: NVDA) have been one of the clearest ways to play the artificial intelligence build-out. And investors who foresaw this have profited. The stock is up more than 750% over the past three years as companies turned to Nvidia to power their AI plans.

Nvidia’s business momentum…