After the chipmaker powered its way to a $4 trillion valuation, the first company to ever reach the milestone, analysts still see room for the stock to grow. The upside for Nvidia, according to its biggest bulls, remains incomplete. There are more returns to be had, they argue. 

Nvidia is one of the most beloved stocks by investors. It seems to have ridden the stock market exuberance of AI more than any other company. Investors continue to reiterate its strength as the purveyor of the best AI chips that hyperscalers like Meta, Alphabet, and Amazon use.

Of the 79 analysts who currently follow Nvidia, 69 rate it a buy, according to Bloomberg. That’s good for an 87% buy rating among analysts. Only 11 rate it a hold. And just one lone holdout lists it as a sell. 

On Thursday, after Nvidia hit the $4 trillion mark, some analysts were unfazed at the prospect that perhaps the chipmaker had reached its stock market peak. At least three analysts published new reports rating the stock a buy, according to Bloomberg data. Goldman Sachs, Keybanc Capital Markets, and Bocom International, the subsidiary of Hong Kong’s Bank of Communications, all listed Nvidia as either a buy or an overweight. 

Their price targets ranged from $175 to $190, implying growth of between 8.1% and 17.4% for Nvidia stock from the $161.84 per share at the time of publication. 

Despite Nvidia’s valuation, its fundamentals don’t point to an expensive or overpriced stock, according to Paul Meeks, chief investment officer at 17 Asset Management. “The stock has come far, but sales, earnings, and cash flows have come farther,” he told Fortune. 

Indeed, Nvidia has delivered outstanding financial performance. Its latest quarterly earnings saw it bringing $44 billion in revenue, a 69% increase from the prior year, according to company filings. Its margins remain plump, coming in at 60% over the same quarter. Its balance sheet remains rock-solid with $111 billion in total assets compared to $32 billion in total liabilities in its 2025 fiscal year. 

Goldman was undeterred by Nvidia’s recent record valuation. It called worries about Nvidia’s sky-high price “peak concerns” in an analyst note published on Thursday. “We believe Nvidia will remain the primary beneficiary of the ongoing AI infrastructure buildout,” Goldman semiconductor analyst James Schneider wrote. 

Analysts built their bull case for Nvidia around the fact that it remains the market leader in all the components used to develop AI systems and that the market for all of those products will only grow over the next few years. Nvidia has also spent the last couple years diversifying its offerings.

“Nvidia’s well beyond the chips,” Meeks said. 

The company also has a suite of software and networking gear used for things like gaming and developing robotics.

Nvidia’s believers also often point to early signs that AI companies are finally starting to monetize the technology. Once that happens, demand for Nvidia’s products will only grow. AI firms have already started to push further into the consumer tech market. Perplexity released an AI-powered web browser and OpenAI is slated to launch one soon. Major cloud service providers like Amazon and Alphabet will also start to incorporate more AI tech into their services which will only further boost Nvidia’s sales, according to longtime tech bull Dan Ives.

“The impact of the AI cycle on consumer Internet will be massive and it will start with the cloud service divisions,” Ives wrote on Thursday. “[Amazon and Alphabet] acquire AI-capable chips, build AI-capable service offerings, and sell those services into their respective installed bases.” 

But Nvidia’s fate is ultimately linked to that of its biggest customers. As they continue to spend, the stock will continue to soar. The day that they pull back their billions in AI investments is the day Nvidia’s gets “crushed,” Meeks said. 

“Only thing that would cause a bloodletting here is if we got a sense that major AI spenders pull back,” he said.