Shares of chipmaker Nvidia (NVDA +0.94%) have been one of the clearest ways to play the artificial intelligence build-out. And investors who foresaw this have profited. The stock is up more than 750% over the past three years as companies turned to Nvidia to power their AI plans.

Nvidia’s business momentum remains extraordinary, even today. But the hard part about investing is that a great business and a great stock are not the same thing, especially once the market has already priced in years of strong demand. In other words, Nvidia can keep executing at an impressive speed yet still deliver only ordinary shareholder returns over the next five…