To summarize, Nvidia stock declined more than 35% three times over the past decade. But the stock not only rebounded and reached new highs, but also returned an average of 305% during the subsequent two years. Applied to the current situation, those numbers suggest Nvidia shareholders could see triple-digit gains by April 2027.

While investors generally are worried about tariffs today, an HSBC analyst is more concerned about Nvidia’s pricing power and the sustainability of AI spending.