That sets the table for continued growth over the coming years. Analysts estimate that Nvidia will grow earnings by an average of 38% annually for the next three to five years. Today, Nvidia trades at a forward P/E ratio of 51, a rock-solid value for its anticipated growth.

ASML's stock price has jumped more than 1,900% since its last split was announced on May 31, 2007. Each share now trades at around $764, suggesting that the time may be ripe for another stock split, which is why it won't be surprising to see management make that move when it announces its results later this month.

Nvidia was one of the undeniable winners in 2024, but the next phase of AI development could mint new winners. The company profited from the early and accelerating adoption of AI, providing the chips that underpin the technology.