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.

Nvidia stock was falling in Thursday’s premarket after an historic rally following President Donald Trump’s decision to pause the majority of his planned tariffs. The chip maker might get a further boost in regard to its exports to China.