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.

Phil Panaro — a former senior advisor at Boston Consulting Group who also served as CEO of a BCG subsidiary — says shares of the AI chipmaker will reach $800 by 2030. That implies another 545% upside for the stock, which traded around $122 a share mid-day Friday.

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.

Even after its rise in the last week, this Fool plans to steer clear of Nvidia stock. Here he explains why. The post Nvidia stock is up 6% in a week! Is it time to buy? appeared first on The Motley Fool UK.