Nvidia Corp.'s (NASDAQ:NVDA) nearly two-year run continues unabated even amid market swings as the Jensen Huang-led company has emerged as the poster child of artificial intelligence technology.

The Wild Rally: Nvidia is the second best-performing S&P 500 stock for the year-to-date period behind only utility company Vistra Corp. (NYSE:VST). After ending 2023 with a robust gain of 240%, the stock has tacked on an incremental 168% so far this year.

Nvidia, which started the week as the third most-valued company, overtook Microsoft Corp. (NASDAQ:MSFT) on Monday and cemented its second position further on Tuesday. The AI stalwart's stock ended Tuesday's session up 4.05% at $132.89, according to Benzinga Pro data.

The protracted rally marks a turnaround from 2022 when the stock fell over 50%, as the rising AI tide lifted all boats levered to AI technology. Nvidia's first-mover advantage, cutting-edge technology, full-stack AI solutions and a strong management team have been hallmarks of the company's success.

Skeptics often have a red wave of heavy spending needed to keep the lead in the AI race and potential AI bubbles burst as headwinds. The company has defied the doomsday predictions as it continues to execute on plans and outperforms relative to expectations.

What Would Take To Push To Lead: Nvidia ended Tuesday's session with a market capitalization of $3.260 trillion compared to Apple's $3.429 trillion. The differential is $169 billion

Nvidia has 24.85 billion in outstanding shares on a diluted basis.

To catch up with Apple, assuming Apple's stock price either remains the same or declines, Nvidia has to add $6.8 to its per-share market price. This is not a tough ask, given Nvidia added $5.17 on Tuesday.

Does the stock have it in it to make this jump to leapfrog past Apple? In premarket trading on Wednesday, Nvidia is up about a dollar, while Apple is down $1.28 or 0.57%.

Speeches by a slew of Federal Reserve officials and the minutes of the September rate-setting meeting in which the central bank announced the first rate cut of the current monetary policy meeting cycle, could dictate sentiment in Wednesday's session. If not for any drastic stock-specific catalysts, the possibility of Nvidia ending Wednesday's session as the most valued company cannot be ruled out.

• Nvidia Shares Riding On Huge AI Tailwind, Says Portfolio Strategist: Why Expert Says Stock Will Stay On An Upward Path For Next 2-3 Years

Image via Shutterstock