Nvidia (NASDAQ: NVDA) stock currently trades for around $155. However, Loop Capital just gave Nvidia a new price target of $250 per share. That indicates around 60% upside from today's price, but the implications of a $250-per-share stock are far greater.

Nvidia’s climb also made the chip maker briefly the world’s first company with a market value of $4 trillion. Wednesday’s milestone came barely two years after the Santa Clara, Calif.-based company, led by Chief Executive Jensen Huang, notched a $1 trillion closing valuation for the first time.

After the opening bell, the Dow Jones Industrial Average dropped 0.2%. But the blue chip index erased those thin losses to gain 0.2% in recent trades. The S&P 500 remained fractionally lower; the tech-heavy Nasdaq composite traded down 0.5% and is threatening to halt a three-week winning streak.

HSBC senior analyst Frank Lee says AMD is catching up to Nvidia. However, AMD stock only offers performance, but lacks ecosystem.

To me, Nvidia may have put AMD in a checkmate position for the time being. I think these figures reported could imply that Nvidia will remain the leader in AI data center chips and could be on its way to a new, prolonged, and sustained wave of growth.

Even with growth going strong and the future looking bright, investors might wonder if buying Nvidia now, at a new high, is a good idea. The stock trades for 35 times forward earnings estimates, higher than a few weeks ago, but lower than a peak of more than 50 just a few months ago.

Wall Street looked to keep momentum from a tech-fueled rally that saw Nvidia leap to become the world's first $4 trillion public company.

U.S. stock index futures eased on Thursday, a day after markets were supported by Nvidia's fleeting $4 trillion milestone, while investors shifted their focus to upcoming economic data and pivotal trade talks.

Nvidia stock briefly topped a $4 trillion market cap with Nvidia chipmaker Taiwan Semi on tap. AI plays Astera Labs and Rubrik flashed buy signals.