Key Points
Nvidia stock traded for more than $1,000 prior to its latest stock split.
The company’s stock, after the operation, took off once again amid excitement about AI growth.
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An important anniversary is right around the corner: Just about two years ago, Nvidia (NASDAQ: NVDA) completed a major stock split, bringing its shares down from more than $1,000 to about $100. Since that time, the world's most-watched artificial intelligence (AI) company has seen its shares advance 75% -- and they now trade for about $215.
What's pushed the stock along this path? Investors remain eager to get in on shares of the AI winners of today and of the future. And Nvidia still looks like a good bet. The company continues to dominate the AI chip market and has actually built out a full portfolio of related tools and services that have broadened its presence. So you may consider Nvidia the "go-to" company for anything AI.
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All of this has supercharged earnings growth quarter after quarter, and evidence shows that may continue well into the future. Considering this, two years after Nvidia's stock split, could the stock reach $1,000 again?
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Nvidia's 2024 stock split
Let's start off by looking back at Nvidia's historic stock split. The company completed a 10-for-1 stock split on June 10, 2024, its sixth and biggest-ever stock split.
Why do companies execute such operations? A stock split is a simple way to bring down a stock price, making it more accessible to a broader range of investors without changing anything fundamental. In a split, the company offers additional shares to current holders according to the given ratio -- so if you held one share prior to the latest Nvidia split, you would hold 10 after the operation. But the value of your holding remains the same.
Stock splits, on their own, aren't a reason to buy a particular stock. Instead, it's important to consider a company's earnings performance, competitive advantages, and long-term outlook before making an investment decision. But a stock split can make life a bit easier for investors who can't or don't want to pay hundreds or thousands of dollars for one share. Nvidia even said when announcing its stock split that it made the decision so that employees and other investors could more easily access the shares.
As we've seen, Nvidia stock has taken off once again, delivering a double-digit gain after the 2024 stock split. But now, from its current price, could the stock reach $1,000? Nvidia certainly has the growth needed to propel the stock price higher. Revenue has climbed quarter after quarter, and the latest period actually delivered the third consecutive period of revenue acceleration. Revenue jumped 85% to $81 billion then, and Nvidia's forecast implies a 95% increase in revenue during the next quarterly report.
Nvidia's momentum may continue
There's reason to be optimistic about this momentum continuing as Nvidia is on track to ship its newest update -- the Vera Rubin platform -- in the third quarter of the year. This may put the company on the path to dominating the valuable stand-alone central processing unit (CPU) market as well as maintaining its leadership in the graphics processing unit (GPU) market. GPUs are the most powerful AI chips, while CPUs -- which haven't been Nvidia's point of focus before -- are the main chips used in all computers. The agentic AI era may depend on CPUs, and Nvidia has prepared for that as its Rubin platform includes a stand-alone CPU option.
All of this is very positive, but a look at the math tells us this regarding Nvidia's path to $1,000: Considering shares outstanding, a $1,000 stock price would put Nvidia at a market value of more than $24 trillion.
The entire S&P 500 is worth about $68 trillion, so such a market cap means Nvidia would represent 35% of the entire market. Today, as the biggest company, Nvidia is about 7% of the S&P 500. Of course, we could imagine other tech giants and growth companies gaining in value too, but this still represents a big jump. So, while $1,000 could be possible for Nvidia one day, I wouldn't expect even this highflier to reach that level any time soon.
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Adria Cimino has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
