"We could go back to quarters where the stock sells off, bears come out of hibernation mode, stock goes to $100, then all of a sudden, two months later, back up to all-time highs," Ives continued. "These knee-jerk reactions, it’s easy to get scared by them because they don’t say anything about near-term demand."

Nvidia (NVDA) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock. Shares of this maker of graphics chips for gaming and artificial intelligence have returned +2% over the past month versus the Zacks S&P 500 composite's -2.

Wall Street investment analysts also predicted that Nvidia’s stock price would rise to an average of $172.80 over the next 12 months. William Stein, an analyst at Truist Securit