The broader market would have to cooperate, and the AI narrative would have to return for, NVDA stock to break above $220 this year. Compared to most other AI stocks right now, NVDA is surprisingly the cheapest of the bunch. It trades at 41 times earnings, while historically, it has traded around 52 times earnings at the median.

Investors have grown to associate Nvidia (NASDAQ: NVDA) with soaring stock performance -- and for good reason. The shares' climbing more than 2,000% over the past five years has helped investors generate mind-blowing returns as the artificial intelligence (AI) boom fueled growth for the AI titan,