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The broader market would have to cooperate, and the AI narrative would have to return for, NVDA stock to break above $220 this year. Compared to most other AI stocks right now, NVDA is surprisingly the cheapest of the bunch. It trades at 41 times earnings, while historically, it has traded around 52 times earnings at the median.

Presently valued at a market cap of roughly $2.99 trillion, shares of this chip giant have slipped almost 10% on a YTD basis. While recent volatility has weighed on its shares this year, Nvidia’s longer-term performance remains notable. The stock remains in positive territory over the past year, up about 38%.