Nvidia's stock has been hot.

In the midst of Facebook's (FB) privacy fiasco, investors are starting to think twice about the big tech stocks that have been big-momentum anchor positions in their retirement portfolios.

A perfect example of that has been Action Alerts Plus holding Nvidia (NVDA) , a semiconductor giant that's been one of the top performers in the S&P 500 in recent years. Nvidia is up a staggering 621% in the last two years on a total returns basis, leaving the rest of the broad market in its dust. The question now is whether Nvidia still makes sense for retirement investors to own following that monumental run-up.

First, a closer look at the driver of that rocketing share price.

Just a few years ago, Nvidia was primarily a gaming company. The firm's Graphics Processing Unit - or GPU - chips were used to speed up 3D graphics for PC video games. But emerging uses of GPUs to accelerate specific types of math problems, like the calculations needed to mine cryptocurrencies or train sophisticated machine learning models, has led to a surge in demand for Nvidia GPUs from a totally new class of customer.

Today every cloud computing company offers access to GPU-equipped servers for these types of computationally intense operations.

That, in turn, has been a huge growth catalyst for Nvidia, driving year-over-year growth rates as high as the triple digits.

Despite a correction in the cryptocurrency space, Nvidia CEO and co-founder Jensen Huang just told TechCrunch that the firm is "not anywhere near" meeting GPU demand. In other words, Nvidia's growth engine keeps on turning.

Shorter term, Nvidia's technical picture has a lot more to do with how shares handle the correction in tech. So, to figure out whether it makes sense to own Nvidia here, we're turning to the chart for a technical look.

Simply put, Nvidia is teetering on the verge of breakout territory right now.

Shares have spent the last two months forming a textbook example of an ascending triangle pattern, a bullish continuation setup that points to another leg higher in this tech giant. The setup is formed by horizontal resistance up above shares at $250, with uptrending support to the downside. As Nvidia's stock has bounced in between those two levels, shares have been getting squeezed closer and closer to a breakout to new highs.

Relative strength, the indicator down at the bottom of Nvidia's chart, adds some extra confidence to the upside setup here. Relative strength is holding onto an uptrend of its own, signaling that this stock continues to systematically outperform the rest of the S&P 500 in the face of the recent correction.

Simply put, Nvidia is absolutely the kind of stock retirement investors should want to own right now -- and shares' price trajectory could be about to get even stronger with a breakout through $250.

That's not to say that Nvidia is immune to corrections right now -- far from it. But growth drivers continue at Nvidia-the-company at the exact same time buyers remain in control of Nvidia-the-stock. That's a recipe for more upside.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.