Nvidia shares gain as ASML and Foxconn both say they still see strong signs of demand for artificial-intelligence semiconductors.

To that end, Nvidia bears frequently highlight custom AI chips from big technology companies like Amazon ( AMZN 2.48%) and Alphabet ( GOOGL -1.51%) ( GOOG -1.54%) as cause for alarm. While both companies have designed custom silicon for their data centers, recent commentary should put Nvidia investors at ease.

"Even with a decelerating growth rate on huge numbers, Nvidia's CY2025 PEG ratio stands at about 0.8x on our estimates. This ratio is 33% less than Broadcom's and the lowest in the Mag 7 by a wide margin," Reitzes said. Nvidia stock is up 197% year-to-date and trading about 2% below its record high of $149.77 per share.