Nvidia Poised to Hit $1 Trillion in Annual Sales by 2029

Nvidia has long been the world's most valuable company, and according to Raymond James analyst Simon Leopold, it may reach another milestone by 2029 - $1 trillion in annual sales.

This prediction comes after Nvidia reported a quarterly revenue of $96.2 billion, with FactSet's fiscal 2029 consensus sitting at just under $750 billion. Leopold argues that Wall Street may still be about $250 billion too low.

The analyst raised his price target by 46% to $515 from $352 after Nvidia's earnings report, citing the company's strong growth prospects. With revenue expected to grow around 70% in fiscal 2028, Nvidia would need roughly another 43%-45% of growth in fiscal 2029 to reach $1 trillion.

Nvidia CEO Jensen Huang told analysts that customers want far more compute than the company can currently supply, leaving supply as the main constraint on growth. While Leopold doesn't spell out how Nvidia will close the supply gap, he notes that capacity and manufacturing yields should improve, allowing the company to meet growing demand.