Chipmaker Nvidia has made a lot of investors wealthier over the years. And investing in artificial intelligence (AI) as a whole has generally been a great idea. Many AI stocks have reached new highs in recent years due to the excitement and encouraging outlook for next-gen technologies.

The selloff follows an earnings report by chip manufacturing equipment supplier ASML which indicated weaker-than-expected sales guidance for 2025, raising concerns

Consensus estimates forecast Nvidia to end the ongoing fiscal year 2025 with $125.5 billion in revenue, which would be a 125% increase from the previous year. However, analysts at KeyBanc are forecasting the company's revenue to come in at $130.6 billion in the current fiscal year (which will end in January 2025).

Nvidia has extremely high expectations baked into its stock price. It doesn't have far to go, but there are still many trading days left before the end of 2024, which could bring some surprises. Nvidia's incredible rise has been directly tied to the artificial intelligence (AI) race.