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.

Now let's move on to my prediction. Yes, Nvidia shares have delivered a lackluster performance in recent weeks, but it's important to put that into perspective. The stock still has advanced 144% so far this year and has soared 2,700% over the past five years.

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.