Nvidia ( NVDA 0.53%) is one of the hottest stocks on the market today. Over the past five years, Nvidia shares have soared in value by nearly 1,500%, including another 20% in the last 12 months. Think the run is over? Think again. Nvidia stock remains far cheaper than most investors realize due to one critical factor.

Nvidia stock is up more than 50% over the past three months, leading the broader market rebound after the tariff selloff.

Nvidia made history Wednesday, reaching a milestone market capitalization. These three charts show its path to $4 trillion since the debut of ChatGPT.

Nvidia stock has regained its momentum in recent months and should be able to sustain it in the long run as well. Nvidia's market share and the potential data center revenue growth that it could clock should help double its market cap in the next three years.

A combination of tight credit spreads, a low VIX, placid bond markets, and high valuations for riskier assets could be a sign investors are complacent.

The White House rolled out a series of new tariff announcements this week, yet the S&P 500, Nasdaq, bitcoin, and Nvidia have all notched all-time highs over the last 24 hours. Meanwhile, the VIX — Wall Street’s fear gauge — has collapsed well below its long-run average after surging to historic highs in April.

The Dow Jones index dropped Friday on tariff news. Nvidia-backed CoreWeave sank, Levi was a big mover on the stock market today.

Markets once again took Trump's tariff threats in stride, with the Nasdaq briefly turning positive throughout the session. Late Thursday, Trump on Truth Social posted a letter to