Nvidia stock has room to run despite 1,400% rise since 2023, analyst says, with new Rubin architecture and $3 trillion to $4 trillion annual data center spending projected by 2030

Nvidia's stock has risen nearly 1,400% since the AI arms race began in 2023, making it the world's largest company, but an analyst argues strong returns remain possible despite the dramatic increase.

Nvidia is rolling out its Rubin architecture later this year with major cost improvements: inference at a tenth of the cost and model training at a fourth of the cost compared to the current Blackwell architecture.

Nvidia projects major AI hyperscalers will spend $1 trillion in 2027, and estimates global data center capital expenditures will reach $3 trillion to $4 trillion annually by 2030.

From a forward price-to-earnings perspective, Nvidia trades at nearly half the level of Broadcom and about a third the level of AMD.