Ahead Of Nvidia’s Q3 Earnings, I/O Fund’s Beth Kindig Doubles NVDA Market Capitalization Target To $20 Trillion By 2030

• Kindig expects Nvidia’s data center revenue to reach $50 billion in Q3, a quarter earlier than her previous prediction, and touch $200 billion for the fiscal year 2025.
• By 2030, she expects Nvidia’s data center revenue to rise to $930 billion.
• Kindig also stated that Nvidia’s product roadmap is aggressive, wherein the company is accelerating its GPU release cadence to a 12-18 month cycle, instead of a typical three-to-five year one.

I/O Fund’s Beth Kindig on Wednesday doubled her market capitalization target for Nvidia Corp. (NVDA) to $20 trillion by 2030, ahead of the AI bellwether’s third-quarter (Q3) earnings set to be announced later in the day.

Kindig explained in her latest note that her thesis is based on Nvidia’s product roadmap for the next year, the strengths of the company’s proprietary CUDA computing platform, and its evolution into a full-stack AI systems provider.

“When these elements are modeled together — alongside the rapid expansion in global AI infrastructure capex — the path to $20 trillion becomes less sensational and more a reflection of compounding fundamentals,” Kindig said.

Nvidia shares were up nearly 3% in Wednesday morning’s trade. Retail sentiment on Stocktwits around the company trended in the ‘extremely bullish’ territory at the time of writing.

Nvidia’s Data Center Segment Boom

Kindig expects Nvidia’s data center revenue to reach $50 billion in Q3, a quarter earlier than her previous prediction. She expects this to reach $75 billion in the fourth quarter (Q4) of this year. For the full fiscal year 2025, she expects Nvidia to report $200 billion in revenue in this segment.

Kindig predicts that Nvidia’s Q4 2030 data center revenue will soar to $230 billion. For the full fiscal year 2030, she expects this to rise to $930 billion.

To back this up, Kindig cited a recent McKinsey estimate that puts AI infrastructure spend at $7 trillion through 2030. Of this, $5.2 trillion is expected to go toward building data centers geared for AI workloads, implying $1.5 trillion in annual AI spending by 2030. Kindig models Nvidia capturing 60% of this AI capital expenditure.

Nvidia’s Product Roadmap

Kindig also stated that Nvidia’s product roadmap is aggressive, wherein the company is accelerating its graphics processing unit (GPU) release cadence to a 12-18 month cycle, instead of the typical three-to-five year cycle.

“This offensive measure will be transformative, turning what was once a cyclical revenue profile into a consistent and compounding growth trajectory,” she said.

The analyst also cited Nvidia CEO Jensen Huang’s statement at the GTC conference in October, where he said the company has visibility into $500 billion in cumulative revenue for Blackwell and Vera Rubin in 2026. She stated that this points to a strong upside to Nvidia’s data center revenue next year.

“When you step back from the noise and look at the data, the path to $20 trillion is built on compounding fundamentals that are already surpassing the most aggressive forecasts from a year ago,” Kindig added.

Wall Street’s Expectations

Nvidia’s Q3 earnings are set to be released later on Wednesday, after the closing bell.

According to Stocktwits data, Wall Street expects Nvidia to report earnings per share (EPS) of $1.26 on revenue of $54.62 billion. For comparison, Nvidia reported an EPS of $0.81 on revenue of $35.08 billion during the same quarter a year ago.

NVDA stock is up 39% year-to-date and 27% over the past 12 months.

Also See: Target Shares Slip Pre-Market After Retailer Announces ChatGPT Shopping App, Lower FY25 Guidance

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