Nvidia Stock Was a Reliable Outperformer. Why That’s Changed.

Nvidia stock rose roughly 300% from the end of 2022—when the artificial intelligence revolution began—to its recent peak in October, more than tripling the broader market’s advance. Nvidia’s shares are in this position because of a powerful combination of factors. First of all, Nvidia’s general outperformance had become so extreme that investors became willing to take winnings by selling the stock in some recent periods.