So far this year, Nvidia (NASDAQ: NVDA) stock has put up a solid but unspectacular 17.3% gain. That sounds decent until you remember its performance during earlier innings of the artificial intelligence (AI) revolution, when shares were routinely doubling or tripling in a calendar year. Nvidia's rocket-ship phase has cooled due to a mix of things: growing competition from custom silicon at the major cloud players, lingering questions about whether hyperscaler capital expenditures (capex) can stay this aggressive, the law of large numbers, and some trepidation around circular financing deals. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia.
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