Nvidia has delivered such massive gains in recent years that it's easy to overlook how the stock has performed over the short term. Most investors would be happy with a 20% gain in a year. Nvidia's share price has soared over 20% in the last five weeks.

After growing revenue 122% last quarter, Blackwell demand could send Nvidia's market capitalization to $3.9 trillion next month — passing Apple as the world leader

Nvidia stock was rising Thursday, on track for another record high. TSMC earnings appears to be boosting shares.

One Wall Street analyst thinks the bullish investors have it right, and Nvidia stock can move higher by another 25% from its recent level. Melius Research analyst Ben Reitzes thinks investors should buy the stock and sees it worth $165 per share.

The major indexes fell Tuesday as ASML crashed, slamming chips. ASML kept sliding before the open, but Nvidia and other AI chip leaders rose slightly after holding near buy points.