Nvidia Stock: A Path To $10 Trillion?
Key takeaways
- Trefis Team Mon, June 1, 2026 at 8:10 PM GMT+7 4 min read NVDA AMD INTC Image by brookhaven from Pixabay Nvidia stock (NVDA) growth story is expanding beyond GPUs.
- Two forces could drive Nvidia s next phase of growth.
- Governments are increasingly investing in domestic AI infrastructure to keep sensitive data within national borders and reduce reliance on foreign technology providers.
Nvidia Stock: A Path To $10 Trillion? Trefis Team Mon, June 1, 2026 at 8:10 PM GMT+7 4 min read NVDA AMD INTC Image by brookhaven from Pixabay Nvidia stock (NVDA) growth story is expanding beyond GPUs. Customers increasingly buy complete AI systems that combine computing, networking, software, and services, giving Nvidia a larger share of AI infrastructure spending. That broader role is now extending into adjacent markets, including CPUs, where the company is making its first serious push to become a major supplier taking on the likes of AMD (AMD) and Intel (INTC). This trajectory gives the company a real shot at boosting its market cap to close to $10 trillion over the next few years.
Two forces could drive Nvidia s next phase of growth. The first is the shift from training AI models to running them. Training is a periodic expense, while inference occurs every time a user interacts with an AI application. As AI becomes more deeply embedded in software and agentic systems handle increasingly complex tasks, demand for inference computing could grow rapidly. Nvidia is well positioned to capture that demand. Companies built on its CUDA software ecosystem face significant switching costs, and the upcoming Vera Rubin architecture is designed to improve inference efficiency by delivering more output with less power.
The second growth driver is Sovereign AI. Governments are increasingly investing in domestic AI infrastructure to keep sensitive data within national borders and reduce reliance on foreign technology providers. Nvidia s full-stack offering of chips, networking, systems, and software makes it a natural partner for these projects. The opportunity is already meaningful: sovereign AI revenue more than tripled to over $30 billion in fiscal 2026. Beyond hyperscalers, governments and state-backed organizations could become another major source of AI infrastructure demand.