Nvidia's Range-Bound Stock: Can It Deliver $700 By 2031?

NVIDIA's stock has been range-bound despite its impressive growth, and some investors believe it could deliver outsized returns over the next five years.

The company's CEO Jensen Huang stated that 'AI has reached its inflection point. It's doing useful work. Its tokens are productive and profitable. Now, compute is revenue.'

NVIDIA's shares have risen 21.16% year to date, with last quarter's revenue more than doubling year over year.

The stock trades at a multiple typical of mature chipmakers, despite growing revenue by 105.8% year over year and non-GAAP gross margins of 75%.