Nvidia stock is trading at $144.47 as of this writing, but there are two reasons I think it could soar to $200 (or more) during 2025. If I'm right, it will value the company at almost $4.9 trillion, and translate into a 38% return for investors.

Chipmaker and AI darling Nvidia is back nipping at Apple's heels as the most valuable company in the world, with the stock hitting an all-time high Monday.

NVIDIA (NASDAQ: NVDA) is still the most important stock after two-plus years of dominating the stock market. Its GPU technology unlocked the door to AI, and now NVIDIA is capitalizing on it using a full-stack method.

Nvidia sells graphics processing units (GPUs) that provide computing power for various uses. More than two decades ago, the main function was to support PC gaming. But what has put the business on the map in recent years has been its GPUs that enable training AI models in massive data centers, now representing the bulk of the chipmaker's sales.