Former Boston Consulting Group executive Phil Panaro forecasts that NVIDIA Corp (NASDAQ:NVDA) shares could reach $800 by 2030. This prediction suggests a potential 558.98% increase from its current price.

What Happened: Panaro attributes this anticipated growth to the ongoing artificial intelligence revolution and the shift from Web2 to Web3. He believes these technological advancements will significantly boost Nvidia's market share and revenue.

In an interview with Schwab Network, Panaro mentioned that Nvidia's revenue could multiply tenfold, from $60 billion to $600 billion by 2030. He also expects a "huge explosion" in Nvidia's stock following the release of its next-gen AI chip, Blackwell, in 2025.

"That's actually the best case for why it's actually going to go up. Because if you look at all the other customers they're not getting to, there's 490 other Fortune 500 firms that haven't really adopted AI to the fullest because they don't understand it. You have all these cities and governments that are going to be redoing all their infrastructure from Web2 to Web3, and you then have the AI arms race, with countries and their militaries, which Nvidia hasn't penetrated for the most part," Panaro said.

Despite some skepticism from other strategists, Panaro remains confident in Nvidia's potential. He emphasized that the firm's growth is supported by the limited penetration of AI in various sectors, including corporate, municipal, and military applications.

Why It Matters: Nvidia has consistently been at the forefront of technological innovation. CEO Jensen Huang has a unique approach to market exploration, focusing on "zero-billion-dollar markets," which are untapped and potentially lucrative sectors. This strategy has significantly contributed to Nvidia's growth, making it one of the most valuable companies globally.

Additionally, early tech investor James Anderson has predicted that Nvidia could achieve a market capitalization of nearly $50 trillion within the next decade. This optimistic outlook is driven by the increasing demand for AI chips, essential for advanced generative AI models. Nvidia's shares have already surged by 168% this year, pushing its market value above $3 trillion.

However, there are concerns about overvaluation in the tech sector. Truist's Chief Strategist and CIO, Keith Lerner, recently downgraded the tech sector from overweight to neutral due to these concerns. Despite this, he remains optimistic about the long-term prospects of AI.

Furthermore, Elon Musk has aligned with Huang's vision of a future where AI-powered personal assistants will become commonplace, akin to Star Wars' R2-D2 or C-3PO. This vision underscores the transformative potential of AI in everyday life.

Price Action: Nvidia's stock closed at $121.40 on Friday, down 2.13%. Year to date, the stock has surged by 152.02%, according to data from Benzinga Pro.