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.

What a difference a year makes. Where the Magnificent Seven stocks were still carrying the market last year after being responsible for between 65% and 75% of the S&P 500‘s gains in 2023. So far this year,