Nvidia Stock Hasn't Been This Cheap in 7 Years. Is This the Ultimate Buying Opportunity?

Yahoo Finance · 2026-06-26

Nvidia ( NVDA 1.86% ) had a market capitalization of $360 billion at the beginning of 2023, which was right before the artificial intelligence (AI) boom started gathering momentum. The company has since sold millions of its graphics processing units (GPUs) for data centers, which are the primary chips used in AI training and inference workloads, propelling its market cap to $4.8 trillion. But despite a 13-fold increase in value over the last three years, Nvidia stock is still cheap by one of Wall Street's most widely used valuation metrics. In fact, here's why the stock could more than double from here. Nvidia's dominance in the market for AI data center chips started in 2022 with its H100 GPU , which was built on its Hopper architecture. The company has since launched Blackwell and Blackwell Ultra GPUs, the latter of which can deliver up to 50 times more performance than the H100 in certain configurations. Blackwell Ultra GPUs are currently the most sought-after AI chips in the industry, but Nvidia is about to extend its advantage with its new Vera Rubin system, which will ship in the second half of this year. It includes the Rubin GPU, the Vera central processing unit (CPU), and a series of updated networking components. Nvidia says the platform is so powerful that developers can train AI models using 75% fewer GPUs compared to Blackwell.

AI 시장 분석

Nvidia's market cap rose from $360B in early 2023 to $4.8T riding the AI boom as it expanded GPU sales. The Blackwell Ultra delivers a substantial performance improvement over the H100, and the Vera Rubin system, scheduled to ship in H2 this year, reduces the number of GPUs required to train the same model by up to 75%, greatly improving cost efficiency. As a result, NVDA and companies related to AI infrastructure and data centers are expected to benefit from revenue and margin improvements, while rival GPU vendors and some parts of the component supply chain may face short-term and structural pressure. Overall, NVDA's platformization strategy is likely to trigger industry realignment and valuation re-rating.

상승 영향

Semiconductors — NVDA's Blackwell Ultra and Vera Rubin should strengthen GPU pricing power and expand high-margin sales, boosting profitability and valuations in the semiconductors sector.
AI infrastructure — If Vera Rubin raises GPU demand efficiency and lowers AI training costs, more companies will adopt large-scale AI infrastructure, expanding ecosystem-wide demand.
Data center servers — Data centers adopting the high-performance Rubin platform will prompt server reconfiguration, increasing demand for high-density GPU servers and investments in cooling and power infrastructure.
Networking equipment — Vera Rubin's upgraded networking requirements will drive demand for high-speed network gear such as RoCE/InfiniBand, boosting revenue for related vendors.
Cloud services — Cloud providers can process the same compute with fewer GPUs, improving profitability and attracting more AI workloads, which should support revenue growth for cloud services.

하락 영향

GPU competitors (AMD·Intel etc.) — NVDA's performance gap and stronger platform dependency could weaken market share and pricing power for GPU competitors such as AMD·Intel.
Server CPU vendors (Intel·AMD) — The integration of Vera CPU and NVDA's platform strategy could erode demand for x86-based server CPUs, weighing on Intel·AMD's data center revenue.
GPU supply chain (memory·third-party boa — If Rubin reduces GPU unit requirements for the same workloads by up to 75%, long-term unit demand for GPUs and revenue for memory and third-party board suppliers could decline.

AI가 생성한 분석으로 투자 자문이 아닙니다.

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