Analyst Beth Kindig from the I/O Fund has laid out a case for Nvidia reaching a $20 trillion market cap by 2030, built on expectations of $930 billion in annual data center revenue and a sustained price-to-sales multiple of roughly 22x. For context, no publicly traded company has ever come close to that valuation. Apple and Microsoft have traded places near the $3-4 trillion mark.
The trillion-dollar demand thesis
The foundation for these projections traces back to Huang’s keynote at GTC 2026 in March, where he declared that Nvidia anticipates over $1 trillion in cumulative demand from its upcoming AI systems, Blackwell and Vera Rubin, through 2027. That figure represented a doubling of earlier projections, which had pegged demand at around $500 billion.
Nvidia’s fiscal 2026 revenue already hit $215.9 billion, representing a 65% increase year-over-year. The vast majority of that growth came from data center and AI chip sales.
Huang has also been playing kingmaker. In June 2026, he singled out Marvell Technology as a potential “next trillion-dollar company,” which promptly sent Marvell’s stock surging 32%.
