Nvidia (NASDAQ: NVDA) is undoubtedly one of the hottest stocks in the market and has been for a few years now. Its position as a provider of key hardware for the artificial intelligence (AI) space has fueled quarter after quarter of triple-digit growth for its sales and earnings.

Consider this, just about nine months ago, at the end of December 2023, Nvidia stock was trading at around $50 levels.

Investors have found another major way to play the artificial-intelligence trend besides semiconductor stocks, and that’s led to a changing of the guard atop this year’s list of the best S&P 500 performers.

Nvidia stock has soared more than 700% in less than two years, and there are a lot of factors that will continue influencing its share price.

Nvidia has been an AI juggernaut for the past couple of years as it challenges for the title of the world’s most valuable corporation.