Meet the Supercharged Growth Stock That Could Make You a Millionaire

It's natural for investors to feel like they have missed the boat after a stock has had a major move higher. Shares of Nvidia (NASDAQ: NVDA) have more than tripled in just the last 12 months, so that would qualify.

It's true that past performance is not necessarily indicative of future results, but past gains also don't hinder future potential returns, either. Nvidia has more irons in the fire than just the sale of advanced artificial intelligence (AI) chips that have led to explosive revenue growth. And continued investments in Nvidia stock could still help investors make progress on the path to future wealth.

Beyond the "Magnificent Seven"

Much of Nvidia's recent revenue has come from companies gobbling up any available GPUs (graphics processing units) for the massive buildout of AI data centers. Nvidia's fiscal 2024, which ended on Jan. 28, 2024, saw sales soar 126% to over $60 billion. As seen below, much of that came from the largest growth tech companies.

Image source: Statista.

Besides that high concentration in just a handful of companies, the U.S. dominated the construction of new data centers geographically. As of March 2024, it had nearly 5,400 data centers. Germany, the United Kingdom, and China followed with only about 500 each. India, the most populous country in the world, had just 152.

But Nvidia CEO Jensen Huang has recently made a point of saying that he wants to partner with India's leading industrial and technology companies to "enable India to be at the center of this new industrial revolution" of using "data to create models generating and producing intelligence at scale for all kinds of different industries."

The largest intelligence user market

In late October, Huang attended a fireside chat with India's Mukesh Ambani, the billionaire businessman who runs the global conglomerate Reliance Industries, with interests including energy, retail, telecommunications, and digital services. Huang expressed his desire to help transform India, with its population of nearly 1.5 billion "into a center of not just [information technology], but a center of AI."

Huang confirmed in the discussion that Nvidia has over 10,000 engineers in India, and he is considering manufacturing semiconductor chips there. He said that Nvidia and Reliance have already agreed to partner to build AI infrastructure in India.

It makes sense for Huang and Nvidia to focus on what could be one of the world's largest artificial intelligence markets. India has an immense amount of data and a giant population of users. Yet investors have been mainly concentrating on Nvidia's current GPU customers and perhaps overlooking India's potential.

Supercharge your portfolio

Investors who have held Nvidia stock have already had their portfolio supercharged with its returns. But those who don't own it, or would like to have a larger position, shouldn't feel like it's too late to buy Nvidia.

One Wall Street analyst recently conveyed his belief in Nvidia's continued potential. Harsh Kumar of Piper Sandler has the equivalent of a buy rating on the stock. In a recent report, according to CNBC, he wrote of Nvidia's "dominant positioning in AI accelerators [and] launch of the Blackwell architecture...we see Nvidia well positioned to capture most of the incremental [total addressable market] increase while ceding only a small bit to its merchant chip competitors."

My advice is not to be concerned with how far Nvidia stock has already run in the last year. It's not too late to add to existing positions or start a new one. Doing so could still help support an investor's quest to own a million-dollar portfolio.

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Howard Smith has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.