‘History Lesson’ – Nvidia (NVDA) Stock Up 4,600% Since Jim Cramer First Recommended It

We recently published 10 Most Popular Analyst Calls to Watch This Week. NVIDIA Corp (NASDAQ:NVDA) is one of the trending stocks.

CNBC host Jon Fortt recently interviewed Jim Cramer and said that Cramer has been recommending Nvidia for years and went “all in” on the chipmaker back in 2017. Here is how Fortt explained how Cramer’s bull call panned out over the years:

“Time for a little history lesson. September 30th, 2009. That is the date when Jim Cramer first recommended NVIDIA Corp (NASDAQ:NVDA) on Mad Money. In 2010, the year I started at this network, CEO Jensen Huang had his first interview on that show. And June 20th, 2017, that is when Jim Cramer was all in on Nvidia stock, even naming his dog NVIDIA Corp (NASDAQ:NVDA). Nvidia stock now up more than 4,600% since then. So if you had invested a little more than $20,000 that day, you’d have $1 million from just that.”

Photo by Javier Esteban on Unsplash

Can NVDA keep rising?

The current AI boom cycle stems from spending by major tech companies, and Nvidia is the biggest beneficiary of this spending. In Q2 FY2026, three direct customers accounted for 23%, 19%, and 14% of NVDA’s accounts receivable. Almost all of the company’s revenue comes from AI-related infrastructure spending. In the latest quarter, $41.3 billion of the $46.7 billion revenue came from these clients. The music could stop for Nvidia if these major companies decide to slow down their spending amid a lack of ROI. If investors sense a weakness in CapEx spending, and the market begins to waver, NVDA stock price would be the first to see its impact.

Baird Chautauqua International and Global Growth Fund stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its second quarter 2025 investor letter:

“NVIDIA Corporation (NASDAQ:NVDA) reported first quarter results that were extremely solid. The company took a write-down on China-specific datacenter products and flushed out any future China contributions from their guidance, following the new export restrictions introduced in April. Demand commentary ex China was extremely encouraging—Nvidia is outgrowing expectations despite supply constraints and outgrowing competing ASIC products by a large margin. We have been underweight Nvidia relative to the benchmark, which was up 46% in the quarter, given our short-to medium-term concerns that the feverish AI datacenter build may be resulting in overcapacity, which has not come to bear.”

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.