Pokémon Go has been out for less than a month, but it’s already changed the world. Augmented reality has gone mainstream. Pokémon itself is now more popular than ever. And Nintendo’s stock has gone crazy. First, it went up by 50 percent. Then, it doubled. And now, it has fallen by a good third from its top point, upon the grand revelation that Nintendo didn’t actually make Pokémon Go. Crazy stuff. But don’t count Nintendo out yet. The Nintendo NX is coming—and the company’s future on mobile is bright.

Nintendo Stock After Pokémon Go: Volatile But Hopeful

Nintendo stock, as of this writing, is at 25.78 on the U.S. over-the-counter exchange (trading as NTDOY). It topped out at 38.25 at the height of PokéMania and has now settled down at around 50% higher than it was before Pokémon Go came out. It’s become an extremely volatile stock, trading at much higher volumes than it normally does and moving 5 or 10% on an average day, regardless of the direction. It’s been all over the place. As it should be, as retail investors slowly came to the realization that Nintendo’s upside from Pokémon Go is actually somewhat limited.

But Pokémon Go isn’t the only upside in Nintendo’s 2016. The company just got smoked with its 2016 Wii U sales, as you might expect, since the company has moved on from the Wii U in preparation for the Nintendo NX. If you’re really interested in Nintendo’s stock, at least half of your attention should be focused on the NX. Do you think the widely rumored and supported hybrid console/handheld idea can be a success, an alternative to the highly powered but stationary Xbox and Playstation consoles? Then go for the Nintendo stock.

But the company’s real future—in terms of stock upside—may well be in the mobile side of the business. The company didn’t develop Pokémon Go, but it does get a cut of those monies… and will be selling the Pokémon Go Plus itself. The real future, though, is in whatever other games Nintendo is making, including through its partnership with DeNA. If Pokémon Go is any indication, the upside could be huge.

It’s hard to say what the future holds, but Pokémon Go is just the tip of the iceberg—the first official appearance, in a major way, of Nintendo in the mobile space. And there’s a huge amount of opportunity there, even if Pokémon Go itself ends up dead in the water.