The AI trade has reignited in recent weeks, putting the semiconductor designer on the brink of a $4 trillion valuation.

Admittedly, trying to ponder stocks that might become worth more than Nvidia may seem unimaginable. When demand for AI accelerators surged out of nowhere, so did Nvidia stock, and it is now a stock with a $3.85 trillion market cap, the world's largest.

A plethora of anecdotal evidence, management commentary, and Nvidia's earnings report suggest spending on data center equipment remains in robust growth mode. The AI application market is still in its early innings.