Shares of Nvidia (NASDAQ: NVDA) and Broadcom (NASDAQ: AVGO) have gained nearly 442% and 401% in the past three years.
After such extraordinary gains, investors may wonder whether there is still enough upside potential left in these stocks or whether the artificial intelligence (AI) opportunity is already priced in
That question becomes harder because Nvidia and Broadcom are not rallying on hype alone. Nvidia’s revenue rose 85% year over year to $81.6 billion in the first quarter of fiscal 2027 (ending April 26, 2026), while data center revenue rose 92% year over year to $75.2 billion. Broadcom also saw revenue rise 48% year over year to $22.2 billion in the fiscal 2026 Q2 (ending May 3, 2026).
So the question is not whether these are real AI winners. The question is whether future growth can still exceed the expectations already built into their stock prices. History offers a useful way to understand that risk.