Some investors are concerned Nvidia stock can't possibly go any higher. The evidence suggests those fears are unfounded.

Consider this, just about nine months ago, at the end of December 2023, Nvidia stock was trading at around $50 levels.

While the stock has gained nearly 750% since the beginning of last year, it has charted a somewhat rocky course over the past few months. But Nvidia looks on track to keep growing sales of its high-end graphics processing units (GPUs) and remain the industry's dominant supplier.

The stock still has millionaire-maker potential, but long-term investors might want to wait for the current hype cycle to fade before betting on the chipmaker's next big break. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg,