Now let's move on to my prediction. Yes, Nvidia shares have delivered a lackluster performance in recent weeks, but it's important to put that into perspective. The stock still has advanced 144% so far this year and has soared 2,700% over the past five years.

Beijing urged local companies to stay away from the company's chips, according to a report, while the country is promoting domestic chip makers.

Some investors are concerned Nvidia stock can't possibly go any higher. The evidence suggests those fears are unfounded.