Major U.S. indexes, including S&P 500, Nasdaq and Russell 2000, closed down more than 1%, while the values of crypto and gold also fell.

Among the 64 sell-side analysts that cover Nvidia, 59 have a "buy" or equivalent rating on Nvidia stock. After analyzing the various catalysts above, it's easy to see why so many on Wall Street see Nvidia as a no-brainer opportunity.

Despite a wave of key S&P 500 earnings and a Fed rate cut on deck this week, Nvidia is once again drawing the biggest headlines and driving the biggest market swings. The chip giant made a series of announcements Tuesday including: A $1 billion investment in Nokia, the legacy telecom company

Nvidia said it plans to take a $1 billion stake in Nokia, sending shares of the Finnish tech company soaring Tuesday. Nvidia shares also climbed.

We're still in the early innings of deploying large-scale computing power, which is why orders keep coming in for Nvidia's GPUs. This is why Nvidia's $500 billion in orders for its computing systems is a huge deal, as it represents a significant uptick in growth.

Nvidia stock was rising despite President Donald Trump signaling the U.S. would continue to curb exports of the company’s chips to Chinese customers.

US stocks finished the first trading day of November mixed, with Big Tech names like Amazon (AMZN) and Nvidia (NVDA) rising near record-high levels, fueling a continued rally in the AI trade even as those gains weren't broadly distributed.