It’s been a record-breaking year for artificial intelligence darling Nvidia’s stock, with analysts overwhelmingly bullish about the year to come.

Nvidia is one of the most popular AI stocks right now because of its lead in the semiconductor space. The company's graphics processing units (GPUs) have been used in data centers for years, and once tech giants began competing for generative AI dominance, the chips were even more in demand.

Nvidia was rising early Monday, with the chip company buoyed by a wider rally in technology stocks and positive assessments from Wall Street. Nvidia shares were up 0.7% at $135.66 in premarket trading.

Most people on Wall Street agree that Nvidia (NVDA) is the winner of the artificial intelligence (AI) boom over the last two years. The company is well known for producing GPUs that support everything from video gaming to AI data centers.

Nvidia's (NASDAQ: NVDA) stock has been a huge winner each of the past two years. After surging over 238% in 2023, the stock has soared approximately 164% this year, as of this writing. Those are two huge back-to-back year gains that have propelled the company to become one of the largest in the world.