This high-flying chip stock could be getting a bit ahead of its business.

Nvidia's stock has nearly tripled since the beginning of 2023 and is currently hovering near its all-time high. The chipmaker's stock caught fire as the explosive growth of the artificial intelligence (AI) market -- driven by the rise of "generative AI" platforms like ChatGPT and DALL-E -- boosted its sales of high-end data center graphics processing units (GPUs).

The bullish thesis for Nvidia is easy to understand. Nvidia's top-tier GPUs are used to accelerate the world's most complex machine learning and AI tasks, so their sales will continue to rise as those markets evolve and expand.

The global AI market could still grow at a compound annual growth rate (CAGR) of 37% from 2023 to 2030, according to Grand View Research, so Nvidia's data center business (which brought in 60% of its revenues in its latest quarter) could still have plenty of room to run. Nvidia also remains the world's largest producer of high-end gaming GPUs -- and that market should continue to expand as more graphically demanding video games hit the market.