NVIDIA (NVDA) Stock: Cramer Still Bullish as History Points to More Upside

TLDR

• Jim Cramer remains firmly behind NVIDIA, arguing no AI buildout can happen without NVDA chips, even with rival offerings from Amazon and others.
• NVDA is up 5% year-to-date and 73% over the past year, currently trading near $197.
• History shows NVDA has surged in May in both 2024 (+32%) and 2025 (+20%), and already had a strong April this year.
• NVDA currently trades at around 25x forward earnings — below its historical norms of 29–40x — suggesting room to run.
• Revenue growth is accelerating, with Q4 up 73% year-over-year and Q1 guidance pointing to 77% growth.

NVIDIA (NVDA) stock is trading near $197, up 5% year-to-date and 73% over the past 12 months. That backdrop hasn’t stopped Jim Cramer from doubling down on his bullish stance.

NVIDIA Corporation, NVDA

The CNBC host made his case this week while commenting on earnings from other major tech firms. His argument was blunt: regardless of what competitors are doing with their own chips, the hyperscalers still need NVIDIA hardware — and they’re buying it.

He also pointed to Meta’s recent bond deal, suggesting a chunk of that capital will ultimately flow to NVIDIA for AI infrastructure.

Cramer’s broader point is one he’s made repeatedly: competing chips exist, but NVIDIA’s performance advantage keeps it at the top of every AI shopping list.

Valuation Still Below Historical Norms

Beyond the Cramer commentary, there’s a technical case forming around valuation.

NVDA currently trades at roughly 25x forward earnings. That’s below where it has typically sat. In late 2024, the forward P/E reached 37x. By the end of May 2025, it was at 29x — and that was during a period when revenue growth was actually decelerating.

Today, growth is going the other way. Q4 fiscal 2025 came in at 73% year-over-year, and management guided for 77% growth in Q1. When a company is accelerating at that pace, a 25x multiple starts to look like a discount.

If the stock were to re-rate to 32x forward earnings — below its prior highs — that would represent close to 30% upside from current levels.

May Has Been Kind to NVDA

Seasonality is also worth noting.

In May 2024, NVDA rose 32%. In May 2025, it climbed 20%. This year, the stock already had a solid April, gaining around 20%.

If that pattern holds, the setup heading into May looks familiar. AI infrastructure spending continues to accelerate, with hyperscalers like Microsoft, Amazon, and Meta all reaffirming large capex commitments in their recent earnings calls.

Those dollars have to go somewhere. For now, a large share of them are still going to NVIDIA.

The stock’s 52-week range sits between $110.82 and $216.82, with current price action at $197 putting it closer to the top end of that band.

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