The “Magnificent Seven” is a cohort of big tech stocks that consists of:
- Nvidia (NASDAQ: NVDA)
- Apple (NASDAQ: AAPL)
- Microsoft (NASDAQ: MSFT)
- Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL)
- Amazon (NASDAQ: AMZN)
- Meta Platforms (NASDAQ: META)
- Tesla (NASDAQ: TSLA)
This group of stocks have led the market for a long time, and they are among the top 10 largest companies listed on U.S. exchanges. Each is also working on artificial intelligence technologies to some extent, but there are questions as to which stock will be the best performer through 2030. I think if you look at market commentary and what these companies are saying, the choice is obvious: Nvidia.
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Nvidia should deliver the best returns through 2030, mostly thanks to the incredible growth it will take to get there. But how far could it go? Let’s take a look.
Many companies in the Magnificent Seven are paying Nvidia billions of dollars
Nvidia makes GPUs, along with the software and other hardware to support their use. Graphics processing units are the top choice for many AI workloads, whether for training or inference. Nvidia’s GPUs are generally recognized as best-in-class and have become synonymous with AI computing for a reason.
Many of the companies on this list are spending hundreds of billions of dollars on AI infrastructure each year. That figure goes to a handful of places, but purchasing computing units is by far the largest use of that capital. Because Nvidia is far larger than its competitors combined, it’s the stock to own to capitalize on the AI build-out.
There are countless projections about AI spending through 2030, and all of them are mind-boggling. Nvidia’s own projection estimates that global annual data center capital expenditures will reach $3 trillion to $4 trillion by 2030. That’s simply astounding, but Nvidia is in a far better position to estimate it, given how far in advance customers are placing orders.
For example, during its Q2 earnings call, the company revealed it expects 70% revenue growth in 2027. Nvidia wouldn’t have done that if management wasn’t entirely confident in next year’s sales, but because it is selling out production capacity, it’s easy to estimate what future growth will be like.
Nvidia estimates that this year, the big five AI hyperscalers’ capital expenditures will total nearly $800 billion. Next year, that figure is $1.3 trillion. With all the other AI firms around the world included, it’s easy to see how spending will likely double between next year’s estimates and 2030.
With that, we can see what kind of growth Nvidia can expect.
Nvidia will easily outpace the competition
If Nvidia’s revenue growth is 70% in 2027, then doubles again from 2028 to 2030, that would yield a total growth of 240%. That’s far faster than anything other members of the Magnificent Seven are putting up.
NVDA Revenue (Quarterly YoY Growth) data by YCharts
The next fastest-grower, Meta, is growing at a 26% clip. It would take Meta far longer to deliver this kind of return than it would for Nvidia, and it’s almost impossible for any other stock to outperform over that time period simply because its growth will push it there.
I think that easily makes Nvidia the best buy among the Magnificent Seven, as its best years are still ahead. I think Nvidia is an excellent buy now, and if you’ve got some extra cash lying around, scooping it up now before it reports earnings near the end of November may be a smart idea. Nvidia’s stock hasn’t had the best year, and one good quarter could easily change that fact.
Should you buy stock in Nvidia right now?
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Keithen Drury has positions in Alphabet, Amazon, Meta Platforms, Microsoft, Nvidia, and Tesla. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla. The Motley Fool has a disclosure policy.
