Data center capital expenditures are reaching record highs. A significant portion of data center spending is allocated to equipping them with Nvidia GPUs. Nvidia (NASDAQ: NVDA) has been an excellent stock to own over the past few years,

Even at record highs, Nvidia’s stock may not be as expensive as it is touted to be. Some valuation metrics suggest room for upside

Nvidia stock has regained its momentum in recent months and should be able to sustain it in the long run as well. Nvidia's market share and the potential data center revenue growth that it could clock should help double its market cap in the next three years.