Nvidia stock has nearly tripled in value over the last 12 months. The company is now worth $3.2 trillion. Massive AI-related spending has investors wondering just how high the stock can go. Nvidia ended 2019 with a market cap of $144 billion.

The stock’s recent breakout from a multimonth bullish “pennant” chart pattern might have some on Wall Street targeting a rally above $170.

Nvidia stock seems to be climbing back to its record high close from June. The AI chipmaker’s stock was up almost 1% at the open on Wednesday, to about $134 per share. It later fell to about $133 per share.

Finally, Nvidia continued to earn plaudits from Wall Street, as Cantor Fitzgerald said Nvidia's updated investor presentation sets up a revitalization in the stock. The Information also said the latest $6.6 billion funding round would set off another wave of investments in AI.

Nvidia investors might be further enthused by sales figures from key supplier Taiwan Semiconductor Manufacturing.