Nvidia has delivered such massive gains in recent years that it's easy to overlook how the stock has performed over the short term. Most investors would be happy with a 20% gain in a year. Nvidia's share price has soared over 20% in the last five weeks.

After growing revenue 122% last quarter, Blackwell demand could send Nvidia's market capitalization to $3.9 trillion next month — passing Apple as the world leader

Nvidia stock was rising Thursday, on track for another record high. TSMC earnings appears to be boosting shares.

Semiconductor companies Nvidia (NASDAQ: NVDA) and Arm Holdings (NASDAQ: ARM) are major players in that market, and shares have rocketed 166% and 100%, respectivley, year to date. But most Wall Street analysts expect the stocks to move in opposite directions over the next year.