From $20 to $195: The Three-Year Journey of Holding NVIDIA

Looking back on my investment journey over the past three years, $NVIDIA(NVDA.US) is undoubtedly the best case that embodies the dual power of "selection + patience."

From buying all the way through the 2022 bear market to the after-hours price of $195 following the latest Q3 2025 earnings report, the paper gain has exceeded 800%.

Returns of this magnitude may seem like "picking the right stock" to outsiders, but only those who have experienced it firsthand understand:

What ultimately determines the outcome is not the genius of any single purchase but the endurance of volatility, immunity to noise, and adherence to long-term trends over three years.

2022: Planting the First Seed in the Trough

At the deepest point of the 2022 tech stock bear market, market sentiment was extremely pessimistic: high inflation, aggressive rate hikes, and global capital fleeing growth stocks. NVIDIA's stock price was repeatedly halved from its peak. It was also that year when I began analyzing NVIDIA's fundamentals, leadership, and future industry potential, leading me to start buying in batches and eventually averaging down to around $20.

The most common narratives that year were:

"GPU business will be eroded by competitors"

"AI has no real commercial model"

"NVIDIA's valuation will never return to its past levels"

"The tech bubble hasn't fully burst yet," etc.

But what I looked back at was the deeper foundation:

CUDA ecosystem, AI computing demand, data center business growth curve, and Jensen Huang's strategic clarity.

These long-term logics were not broken but instead continued to strengthen.

Thus, I planted the first tree.

2023–2024: Between Surges and Plunges, Persistence Matters More Than Prediction

After planting the tree, the biggest challenge wasn't buying but "not getting shaken off."

Over these two years, I experienced: 30% pullbacks, relentless bearish narratives shifting from "bubble talk" to "demand decline," pre- and post-earnings emotional rollercoasters, political risks, supply chain risks, valuation risks, other investors exiting, and profit-taking.

But I knew that to capture a super rally, the indispensable factor was:

Enduring the entire volatility, not just aiming for quick profits.

If you panic with every pullback, if every piece of news shakes your core thesis, if you want to "trade short-term" due to temporary noise, then long-term gains will always belong to others.

The real challenge is:

Not getting overconfident during rallies, not panicking during dips, maintaining independent judgment amid noise, and sticking to long-term logic through volatility.

For these two years, I didn’t sell my NVIDIA holdings,

not because I "predicted" correctly, but because I "persisted" correctly.

2025: Fundamentals Continue to Deliver, Long-Term Value Emerges

Now, NVIDIA's latest earnings report has once again exceeded expectations, with its data center business continuing explosive growth and AI computing demand surpassing market imagination. The after-hours price reached $195, marking an over 800% gain compared to my entry point three years ago.

This rally didn’t come from luck but three key factors:

(1) Seeing the future, not just the price

I bought NVIDIA for its position in the industry chain, its relentless innovation, and technological dominance—with its third and fourth growth engines still in the making. NVIDIA's era continues.

(2) Testing logic with time, not trying to predict every rise and fall

No one can precisely predict every high and low, but capturing long-term trends only requires a few correct judgments. We must respect the market’s emotional swings but not let them dictate our decisions (short-term trades don’t count).

(3) The most important thing isn’t vision but greed and patience

As the stock rose from $20 → $30 → $60 → $100 → $150 → $200, a voice in my head would occasionally whisper,

"Should I take profits now?"

"Is locking in gains safer?"

"What if this is the peak, and I can’t sell higher later?"

There are always many reasons to cash out—the hardest thing is "to keep holding."

To suppress these voices, what’s needed isn’t impulse but two emotions that override panic:

Greed and patience.

Greed makes you dare to hold, patience makes you willing to wait.

Epilogue: Choose a Tree, Then Water It for Three, Five, or Ten Years

Looking back on these three years, what I’m most grateful for isn’t buying at the bottom or the 800% gain but:

Choosing to persist at the most 动摇 moments.

Investing in NVIDIA taught me:

Picking the right tree is the premise;

Understanding the logic is the foundation;

Enduring volatility is the discipline;

Holding on is the source of long-term returns.

Always remember:

Most investors don’t lose by picking wrong but by failing to hold.

True long-term rewards belong only to those who can hold.

Give yourself enough time and patience to witness the sapling you watered grow into a towering tree.