Nvidia Soars on AI Chip Demand, But Faces Uncertainty Ahead

• Nvidia's stock has surged 550% since early 2022, pulling forward years of future returns very quickly

• Demand for Nvidia's AI chips is very strong currently, but the chip industry is prone to boom-bust cycles that are hard to predict

• A few big tech companies account for a large portion of Nvidia's revenue - if their spending slowed, it would hit Nvidia hard

• Major competitors like AMD and Intel are rushing products to market to take a share of the fast-growing AI chip market

• Nvidia's valuation has risen back up to 37x forward earnings, sparking comparisons to overvalued stocks during the dot-com bubble