By Keithen Drury
Publication Date: 2026-05-10 09:38:00
Nvidia (NVDA +1.73%) has been one of the best-performing stocks in the market over the past three-and-a-half years. However, I wouldn’t be surprised if it extends that run over the next three years. I’m so confident in its trajectory that I think it can outperform Alphabet (GOOG +0.41%) (GOOGL +0.66%) and Amazon (AMZN +0.55%) combined over that period. That would make it a no-brainer buy now.
So, if you think you’ve missed the Nvidia investment train, you haven’t. Based on the math, there’s a ton of upside left.
Image source: Getty Images.
Nvidia’s upside is immense
The primary driver of Nvidia’s business performance is the AI build-out. How long this flood of infrastructure spending will last is still unclear, but many industry experts and forecasters anticipate that spending will stay elevated until at least 2030. That means we’re not even at the halfway point of this cycle, yet AI spending is still ramping up. All of the AI hyperscalers have told investors that they’re ramping up capital expenditures to record levels in 2026, after breaking previous records in 2025. And they could be trending that way again in 2027. On Alphabet’s recent Q1 conference call, management told investors: “Looking ahead, the strong results reinforce our conviction to invest the capital required to continue to capture the AI opportunity. And as a result, we expect our 2027 capex to significantly increase compared to 2026.”
It’s pretty easy to spot that another major increase is coming next…