It’s no secret that Nvidia (NVDA 1.38%) has soared amid the ongoing artificial intelligence (AI) boom, leaving customers clamoring for the company’s graphics processing units (GPUs).

That has led to rising revenues in Nvidia’s data center segment. In the second quarter of fiscal 2025 ending July 28, total revenue more than doubled year over year to $30 billion, and 88% of that revenue came from the data center group.

So it stands to reason that this crucial segment will continue to drive the stock price in the near term. The big question is whether Nvidia stock will gain more room after a massive 187% gain so far this year. And there’s one number in particular that can give investors an idea of ​​what’s going to happen to the stock.

Nvidia’s growth has been parabolic

The company has been unable to make enough of its H100 and H200 GPU chips to meet demand. Now it has its next-generation Blackwell chips in production and sales are rising. CEO Jensen Huang has said expectations for Blackwell are “incredible.”

Huang also said that the company expects to release the latest technology annually. It has already been announced that an accelerator named Rubin will arrive in 2026.

Investors will start to see how Blackwell will impact revenue in its fiscal 2025 third-quarter report on Nov. 20. A key data point to keep an eye on is the quarterly revenue growth of Nvidia’s data center segment. That’s because growth has actually slowed over the past five quarterly periods compared to the previous quarter.

Quarterly revenue growth has slowed from 141% to 16% over the past five periods. Data source: Nvidia. Chart by author.

If the stock is to continue its incredible run, sequential revenue growth must reverse this trend. At the very least, investors will want the declining growth rate to level off. Blackwell, a next-generation AI accelerator, could make this possible. That’s because Nvidia shares have already risen in anticipation of further growth. Investors should keep an eye on this figure to see if the stock gains can continue.