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

Nvidia has dominated the AI narrative in the stock market, captivating investors and the media after soaring 2,190% over the past five years and becoming the most valuable company

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 1.3% at $136.38 in morning trading.

The competition for leadership in the AI chip market is intensifying, with Broadcom Inc. positioning itself as a formidable challenger to Nvidia Corporation in the years ahead.

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.