It's a lot harder for a company valued at over $1 trillion to grow its share price 40% in a year than it is for a company worth just $1 billion.

Growing 40% from a $1 trillion valuation means adding $400 billion in value. For reference, that's more than the entire value of Tencent Holdings, the most valuable Chinese company in the market.

But Wall Street still sees tremendous upside in two members of the $1 trillion club: Nvidia (NVDA 0.43%) and Amazon (AMZN -0.06%). Let's find out a bit more about the growth potential for these two trillion-dollar stocks.

1. Nvidia: The biggest winner in artificial intelligence

Nvidia may be the biggest beneficiary of the booming investments in artificial intelligence (AI) across practically every industry.

The chipmaker's GPUs are essential for training the large language models behind generative artificial intelligence applications. Nvidia accounts for more than 70% of AI chip sales, according to research group Omdia.

Nvidia has certainly delivered for investors. Management increased its sales outlook throughout the year and then went on to absolutely blow those numbers out of the water when reporting the company's financial results. The company says it expects $16 billion in revenue for the third quarter, well above what analysts were expecting when it reported earnings in August.

The average analyst price target for the stock is $645. That's about 45% above its current stock price.

A price of $645 would imply a price-to-earnings ratio of 38 based on analysts' estimates for next year. That's a premium to other semiconductor stocks, but a premium is well deserved considering the moat Nvidia's created with its chip designs and AI solutions.

However, the expectations are already sky-high for Nvidia. And while it's delivered on (and exceeded) those expectations over the past year, it's becoming harder and harder for Nvidia to outperform. There may be better ways for investors to capitalize on the continued interest and application of AI.

2. Amazon: The e-commerce and cloud computing giant

Amazon is a leading name in two massive and growing industries: online retail and cloud computing.

2023 has been a slow year for Amazon in both of its main industries, though. Online store sales growth has slowed to a crawl since booming in 2020 and 2021. The reporting segment increased just 4% year over year in the second quarter. Meanwhile, the cloud division, Amazon Web Services, also saw a stark slowdown, growing just 12% in the second quarter. Its biggest rivals, on the other hand, are growing more than twice as fast on the back of generative AI investments.

On top of disappointing financial results, the company is also under regulatory pressure. It's being investigated by the FTC for anticompetitive practices.

The stock is roughly flat from a year ago, but analysts have an average price target of $176 for the shares. That's about 40% above its current stock price.

A price of $176 would imply an enterprise-value-to-sales multiple of about 3 based on analysts' consensus estimates for next year. That's a huge premium to other big retailers, but a massive discount compared to other cloud computing stocks and digital advertising businesses.

There's good reason to expect Amazon to reaccelerate revenue growth across its various businesses over the coming year. On top of that, it should produce strong free cash flow after reining in its capital expenditures. After a recent pullback in the stock price, Amazon shares may be the best investment opportunity among the $1 trillion club.