Beth Kindig, chief technology analyst at I/O Fund, recently said that NVIDIA's market value is expected to double, which means that she thinks highly of the upside potential of the company's stock.

In an interview, Kindig revealed that she expects NVIDIA's long-term valuation to reach $10 trillion, compared to the company's current market capitalization of $2.93 trillion. She noted that the company is poised to realize sizable profits thanks to strong growth and revenue expectations for NVIDIA's next-generation artificial intelligence chip, Blackwell.

Despite NVIDIA's strong performance over the past year and investors' high expectations for its earnings growth, Wall Street investors are beginning to worry about NVIDIA's valuation. Last week, after NVIDIA released its latest earnings report, the company's shares plummeted and its market value fell below $3 trillion because its third-quarter earnings guidance failed to satisfy investors.

On the other hand, investors are also worried about NVIDIA's Blackwell chips, with industry analysts reporting that the launch of Blackwell will be delayed by two to three months due to significant problems with production meeting expectations.

Kindig believes that despite these challenges, NVIDIA is still performing very well and investors need not worry too much. NVIDIA CEO Jen-Hsun Huang recently defended Blackwell's progress in an interview, saying that the company has made large-scale production adjustments and is looking to realize billions of dollars in revenue from the next-generation chip.

When talking about expectations for NVIDIA, Kindig said, “That's why expectations keep getting revised up, not down. They say Blackwell is basically moving forward on time, and Blackwell is not a problem. On the contrary, it's extremely bullish.”

She predicted that NVIDIA's growth trajectory will become clearer once Wall Street analysts raise their expectations for NVIDIA's next fiscal year. That will be a pivotal moment for NVIDIA, followed by Blackwell shipment numbers in 2025.

Kindig described Blackwell's performance as a fireworks extravaganza and believes the ultimate fireworks extravaganza will materialize in the first quarter of next year. She said that early next year NVIDIA will have a fireworks performance and the company is on track to achieve its $10 trillion goal.

For now, Kindig has the most optimistic forecast for the chip company. According to Nasdaq, analysts have given an average price target of $151 per share, which means the stock still has 26.5% upside over the next 12 months.