Shares of Nvidia Corp. (NASDAQ: NVDA) have demonstrated a rapid recovery, approaching record levels just weeks after a 20% drop in early April. The return to peak prices comes amid growing investor confidence that the artificial intelligence “arms race” will provide the company with a multi-year growth cycle.

Nvidia shares are currently trading at a forward P/E ratio of 24, which looks moderate compared to other tech giants: for example, Apple trades at a ratio of 31.2, and Costco at 49. Wall Street analysts’ one-year price target is set at $269, suggesting a potential upside of another 35% from current levels.

The company’s current market valuation is supported by Nvidia management’s forecasts, which project annual global data center expenditures to rise to $3–4 trillion by 2030. Since building large-scale infrastructure takes years, demand for the company’s chips, including the new Rubin lineup, is likely to remain steadily high beyond 2027.

Nvidia has successfully overcome a period of volatility, confirming its status as the key beneficiary of AI adoption. Despite reaching all-time highs, experts emphasize that investors have not yet fully priced in the scale of the future expansion of the computing power market, leaving room for a further rally.