Nvidia's recent stock returns have been nothing short of phenomenal. As AI drives the need for more computing power, quarterly revenue increased by over 1,000% since 2020. Much of that came in the last two years as large tech companies spent heavily to build out data centers needed for AI applications.

Chipmaker and AI darling Nvidia is back nipping at Apple's heels as the most valuable company in the world, with the stock hitting an all-time high Monday.

Nvidia stock was looking to find its footing on Wednesday after economic data prompted a Big Tech selloff the previous day. Nvidia stock tumbled 6.2% in the previous session, wiping out about $200 billion worth of market capitalization.

Artificial intelligence (AI) stocks have soared over the last couple of years as optimism about the technology and its capabilities continues to grow. As most investors know, one of the more notable success stories is Nvidia,