Nvidia stock has climbed in the quadruple digits over the past few years.

This momentum is thanks to Nvidia’s leadership position in the artificial intelligence (AI) chip market.

Investors have expressed concern about a potential bubble in the AI market as many AI players have soared in recent years.

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Nvidia (NASDAQ: NVDA) has become the stock market’s biggest star, delivering a 1,200% gain over the past three years, but the company’s fame isn’t due to this performance alone. It’s also linked to this player’s key position in one of today’s biggest growth markets – the artificial intelligence (AI) market – and the promise of what Nvidia may achieve as this AI boom roars on.

But this doesn’t mean Nvidia stock will offer investors a smooth and steady ride into the stratosphere. This stock, which continues its ascent, rising 45% so far this year, at certain points may lose momentum. This already happened earlier in the year amid concerns about AI spending and the impact of President Donald Trump’s tariffs on semiconductor imports.

Those worries have since disappeared, but in the coming weeks, Nvidia may be heading for another rough patch. In fact, my prediction is Nvidia stock is going to stall out on Nov. 20, following a key moment for the company. Let’s take a closer look.

Image source: Getty Images.

Before jumping in, we’ll start by considering the Nvidia story so far. The company is a designer of graphics processing units (GPUs), chips that power the most essential of AI tasks like the training and inferencing of models. Nvidia went all in on AI before the real boom even began, tailoring its GPUs for this purpose. It was a major bet, and it turned out to be the perfect one. Thanks to this move, Nvidia established its leadership early, and thanks to its ongoing innovation, it’s maintaining this position.

All of this has resulted in massive revenue growth for the company – for example, in the latest fiscal year, Nvidia’s revenue soared in the triple-digits to a record of more than $130 billion. Nvidia also has wowed investors with its profitability on sales, as seen through gross margins of more than 70%.

Now, let’s consider the event that’s coming up after the closing bell on Nov. 19, and this is Nvidia’s fiscal 2026 third-quarter earnings report. I’m optimistic that this will be another great moment for Nvidia – after all, chief Jensen Huang recently said total cumulative shipments of its current Blackwell and the upcoming Rubin platform as well as networking products so far total half a trillion dollars over 2025 and 2026. And the manufacturer of Nvidia chips – Taiwan Semiconductor Manufacturing – as well as Nvidia customers such as Oracle recently have spoken of strong AI demand.