Nvidia has been one of the standout growth stories of the past decade, transforming from a niche graphics chipmaker into the world’s most valuable company thanks to the AI boom.
Revenue has surged in recent years as demand for its advanced GPUs skyrocketed, with shares climbing over 1200% in the last five years. However, the past 12 months have presented challenges. US restrictions on chip exports to China have impacted sales in one of Nvidia’s key markets, creating uncertainty for investors at a time when the chip giant appeared unstoppable. China dominated much of the conversation last quarter, and the absence of H20 chip sales in the region highlights the growing geopolitical complexities Nvidia must navigate.
Despite these hurdles, Nvidia continues to see strong global demand. Sovereign wealth funds are emerging as a major driver of growth, with state-backed entities adopting Nvidia technology at scale. This momentum is particularly evident in the Middle East. Nvidia recently announced a partnership with Abu Dhabi’s Technology Innovation Institute to launch the region’s first joint AI and robotics lab, alongside the UAE’s first AI Technology Centre. The UAE is becoming one of Nvidia’s most significant growth markets outside the US and China, with half a million chips set to be imported to support the nation’s AI ambitions.
“This underlines how the UAE is positioning itself as a rising global hub for artificial intelligence and advanced technologies, while giving Nvidia another foothold beyond its traditional US and Chinese strongholds,” said Josh Gilbert, Market Analyst at eToro.
For retail investors, it signals a more diversified Nvidia growth story increasingly linked to sovereign-backed demand in the Gulf. At nearly USD 200 billion in annual sales and growing over 50% year on year, Nvidia continues to scale impressively, defining the AI era. With Nvidia being the most held stock on eToro in the UAE and globally, retail investors are actively participating in one of the most powerful innovation themes of this decade.
