Nvidia’s GPUs and other data center hardware and software products are likely to be heavily implemented in future metaverse platforms from the likes of Meta (formerly Facebook), Microsoft, and others. We note the firm’s Omniverse platform is Nvidia’s own metaverse offering tailored to 3D design collaboration and simulation as well as avatars for customer support applications. We do not dispute Nvidia’s AI acceleration leadership, but think current share prices do not account for competition from AMD, Intel, or hyperscale customers themselves. To justify Nvidia’s current $300 stock price, we think revenue would need to grow at a nearly 30% CAGR over the next five years to about $57 billion in 2025, with data center sales growing at a 40% CAGR.
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