Beyond US$5 trillion: Qiao Ma’s Nvidia call keeps gaining momentum

“This decade is going to be the Nvidia decade.” — Qiao Ma, Munro Partners

When Munro Partners’ Qiao Ma made that call nearly two months ago at Livewire Live 2025, Nvidia (NASDAQ: NVDA) had already cemented itself as the backbone of the AI revolution.

Fast forward to November 2025, and the chip giant has since surged past US$5 trillion in market value, with Wall Street upping its own conviction that the story is still in its early innings.

Nvidia can soar to US$8.5 trillion on a ‘golden wave’ of AI adoption

According to a report sourced via AlphaSense, Loop Capital’s Ananda Baruah overnight raised his Nvidia price target from US$250 to US$350, reiterating a Buy rating and forecasting what he calls a “ramp that will essentially double GPU unit shipments over the next 12–15 months.”

"Our work suggests we are entering the next 'Golden Wave' of Gen AI adoption and Nvidia is at the front-end of another material leg of stronger-than-anticipated demand," Baruah said.

He expects not only shipment growth but also average selling price expansion and rising networking-gear attach rates - all of which point to material upside to Wall Street's earnings estimates.

"Our work suggests Nvidia is about to begin a ramp (of graphics processing units) that will essentially double its unit shipments the next 12-15 months while seeing the benefit of ASP (average selling price) expansion and networking (gear) 'attach'," he said.

Goldman Sachs lifted its target to US$240 (from US$210), while Rosenblatt’s Kevin Cassidy also moved to US$240 (from US$215), writing that a recent conference hosted by the company showed it has a massive US$500-billion-plus in Blackwell orders through 2026.

Nvidia’s stock jumped over 2% in U.S. trading overnight to close US$206.88 as other brokerages joined the bullish chorus. The upside from that to Baruah's target is nearly 70%.

A global web of AI alliances

In the past week alone, Nvidia has secured or benefited from a string of headline-grabbing partnerships:

Each deal reinforces Nvidia’s grip on the global AI hardware and software stack - precisely the dominance Qiao Ma highlighted months ago.

‘The Nvidia of the next decade is still Nvidia’

At Livewire Live, Qiao Ma argued that we’re only in year three of the AI era - the equivalent of 1993 for the internet.

“Nvidia has laid out this incredible foundation, and the soil from which a lot of these flowers eventually blossom, at year three of a 15-to-20 year cycle," she said.

With Nvidia now on a one-year chip-release cadence, Qiao Ma likens competitors’ efforts to racing Usain Bolt when he’s already a kilometre ahead.

Investment Theme

Why Nvidia is the next Nvidia

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Several Australian-based global equity managers count Nvidia among their top holdings  including the Hyperion Global Growth Companies Fund (ASX: HYGG), which has a 9.2% weighting to the stock.

Australia’s largest super funds are also heavily invested. AustralianSuper owns more than 9.4 million Nvidia shares on behalf of its members, while UniSuper holds around 7.6 million shares in what is the world’s largest listed company.

Nvidia reports its next earnings on the morning of 20 November (AEDT).