A plethora of anecdotal evidence, management commentary, and Nvidia's earnings report suggest spending on data center equipment remains in robust growth mode. The AI application market is still in its early innings.

Admittedly, trying to ponder stocks that might become worth more than Nvidia may seem unimaginable. When demand for AI accelerators surged out of nowhere, so did Nvidia stock, and it is now a stock with a $3.85 trillion market cap, the world's largest.

Nvidia reclaimed the top spot among the most valued companies worldwide in June, as its shares were supported by renewed optimism over its leadership in artificial intelligence and expectations of surging demand for its AI chips.