Some investors are concerned Nvidia stock can't possibly go any higher. The evidence suggests those fears are unfounded.

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.