Key Points
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Nvidia still has ample growth ahead with Grace Blackwell and Vera Rubin.
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A potential wave of orders could nearly double Nvidia’s business by 2028.
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A $350 share price is realistically within reach over the next 18 months.
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If it were easy to predict stock prices, there would be far more rich people out there. Fortunately, investors can make great money by simply gauging where a stock might go in the future, based on the underlying company’s growth opportunities and valuation. If you’re right about the factors moving a stock, you’ll probably do well, even if you don’t nail the exact share price.
For example, I predict that Nvidia (NASDAQ: NVDA) will trade at $350 per share by 2028. Keep in mind that Nvidia’s fiscal calendar ends in January. Therefore, its fiscal year 2028 ends just as the calendar year 2028 begins.
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Remember, the reasons why I believe Nvidia can soar 71% higher over the next 18 months are far more important than whether the stock trades at $350, $325, or $450. As long as my prediction about Nvidia is directionally correct, investors will be happy they bought the stock. I’ll unpack how I arrived at my prediction below.
Image source: The Motley Fool.
The growth engine still has fuel
Nvidia has generated $253.5 billion in trailing 12-month revenue and continues to pump out breathtaking growth. The company’s sales grew by 85% year over year in the first quarter of Nvidia’s fiscal year 2027, driven by Grace Blackwell, its current flagship data center chip platform. Its successor, Vera Rubin, has entered full production and could begin shipping later this year.
CEO Jensen Huang has said that Nvidia anticipates $1 trillion in sales between Blackwell and Rubin through next year, a clear signal that artificial intelligence (AI) hyperscalers haven’t relented from pouring billions of dollars into AI compute. Based on Wall Street estimates, Nvidia’s total sales could more than double by fiscal year 2028, to approximately $555.5 billion.
The math behind a $350 stock
Analysts also estimate that Nvidia will earn $12.79 in fiscal year 2028, nearly double Nvidia’s trailing 12-month earnings per share of $6.53. That seems reasonable as long as the company maintains its pricing power. A valuation of about 27 times those earnings produces that $350 share price. Keep in mind that those will be trailing 12-month earnings by January 2028. Today, Nvidia trades at 31 times its trailing earnings, so this prediction assumes its valuation will decline.
The numbers can change. Rubin consists of seven chips, forming an AI supercomputer chipset that expands Nvidia’s data center footprint. There could be even more growth and upside if Rubin exceeds sales expectations. On the flip side, hyperscalers could pull back on their capital expenditures, ending this data center boom at any moment. The uncertainty is simply part of the game.
For now, Nvidia seems poised to soar on demand for Grace Blackwell and Vera Rubin. If that’s correct, investors probably won’t care about my specific prediction, just as I said at the beginning.
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Justin Pope has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
