Shares of Nvidia Corporation (NVDA) - Get NVIDIA Corporation Report started Tuesday with a bang, jumping out to new all-time highs after hitting $192.95 in early trading. Nvidia has since pulled back from its early highs, but is still up about 2.2% so far.
So what's got the stock moving? The company unveiled new self-driving car hardware. It's the size of a license plate but has the power of 100 data center servers and can compute 320 trillion operations per second. "This is going to change everything," TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment.
So many investors want to get worked up about the possibility Tesla (TSLA) - Get Tesla Inc Report will choose Advanced Micro Devices (AMD) - Get Advanced Micro Devices, Inc. Report over Nvidia, but does it really matter? Nvidia has signed up hundreds of partners and continues to lead the self-driving pack. And "forget cryptocurrencies," which the Street was getting all excited about as bitcoin continued to hit new highs, Cramer added.
"This is all about artificial intelligence," he argued.
- Think NVIDIA's Rally Is Over? Think Again.
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Nvidia stock has been on absolute fire. Shares are up almost 80% so far in 2017, and 183% over the past 12 months. Its two-year gains don't even seem real, up about 630%. So can it double from here?
With a market cap north of $100 billion, it may be hard to believe that it can. But just look at what happened to Intel (INTC) - Get Intel Corporation (INTC) Report in the 1990s, as it made revolutionary advances in tech, Cramer concluded.
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At the time of publication, Cramer's Action Alerts PLUS had a position in NVDA.