Since early 2023, Nvidia (NVDA +1.90%) has been one of the undisputed beneficiaries of the mad dash to adopt artificial intelligence (AI). The company’s graphics processing units (GPUs) — which were developed to render lifelike images in video games (hence the name) — have since become the gold standard for AI training and inference.

In little more than three years, Nvidia stock has soared 1,410% (as of this writing), resulting in significant gains for shareholders. Yet fears of an AI bubble, rising competition, and geopolitical uncertainty have kept the stock rangebound, with the stock rising just 10% over the past six months.

However, Nvidia says it has clear visibility into demand over the next couple of years, and investors…