Just because it's already the biggest company in the world by market cap doesn't mean the GPU leader doesn't have a lot of room to grow.

Outside of the U.S., China remains one of the most important markets fueling demand for high-performance chipsets, particularly graphics processing units (GPUs). Nvidia CEO Jensen Huang has estimated that the AI opportunity in China alone could be worth as much as $50 billion.

China is an important market for Nvidia, generating $17.1 billion in fiscal 2025 revenue, or 13.1% of total revenue. However, Nvidia and AMD ( AMD) recently agreed to pay the U.S. government 15% of Chinese revenue as part of a deal to secure export licenses to China.

Is the good news fully priced in? Explore key insights on demand, stockpiling, and margins. Read why NVDA is a Hold.

Why Nvidia’s and AMD’s China deal with Trump could backfire. The companies making the most money from the AI boom are the ones selling the processors, such as Nvidia and AMD.

Nvidia can sell its AI chips in China, and hyperscalers are spending more heavily on data center infrastructure than Wall Street anticipated.