Nvidia’s market capitalization could more than triple to $10 trillion as it enjoys an “impenetrable” advantage over its rivals in AI, an analyst says.

In the last year alone, AI chip leader Nvidia has risen more than 200% into the upper echelon of the world’s most valuable companies and is already closing in on Microsoft and Apple.

But Beth Kindig, senior technology analyst at I/O Fund, forecasts even more astronomical gains in the coming years, predicting that Nvidia’s market cap will increase another 270% to $10 trillion. As of Friday’s close, the company was worth about $2.7 trillion.

In an interview Tuesday on CNBC, she noted that Nvidia is powering AI infrastructure because its chips are in high demand by data centers that train large language models and that it will launch its Blackwell chips later this year, which should outperform previous Hopper chips. .

Besides hardware, Nvidia’s software also gives it an advantage, while the automotive sector will bring new momentum to the company, Kindig noted.

“So we have a lot of things coming,” she said. “It’s very, very early for Nvidia, and there are a few layers.”

While competitors like AMD and Intel have made their own bullish forecasts for the AI ​​market, Kindig said Nvidia will grab the “lion’s share,” adding that other tech giants developing chips internally usually did this to optimize their own applications and would not do so. market chips like Nvidia does.

On the software side, she highlighted Nvidia’s CUDA platform, comparing it to Apple’s iOS operating system, which helped make the iPhone dominant.

“The same thing is happening with Nvidia, which is that the CUDA platform is what software engineers and AI engineers learn to program GPUs,” Kindig said. “So that helps lock them in. So that combination, right now, I call an impenetrable moat.”

She doubled down on her previous prediction of a $10 trillion valuation that she released earlier this year, when she told RealVision that Nvidia would reach that milestone by 2030.

Since then, Nvidia has reported first-quarter financial results that beat Wall Street estimates and showed that the AI ​​race remained robust.

“The industry is going through a major shift,” CEO Jensen Huang said during an earnings conference call last month. “The next industrial revolution has begun. Companies and countries are partnering with Nvidia to move the trillion-dollar installed base of data centers to accelerate computing and build a new type of data center, AI factories , to produce a new product, artificial intelligence.

This story was originally featured on Fortune.com