Nvidia has been the biggest beneficiary of the artificial intelligence revolution so far, but another chip stock may be about to kick into a new gear.

Wall Street's consensus estimate for 2026 capital expenditures (capex) spending by AI hyperscalers is currently $527 billion. However, these estimates have consistently been too low, according to research by Goldman Sachs, which suggests $700 billion as a more realistic figure.

Thermo Fisher Scientific is starting 2026's J.P. Morgan Healthcare Conference with a bang, announcing two new deals with an artificial intelligence bent. | Thermo Fisher Scientific is starting 2026's J.

At the CES last week, Nvidia CEO called out Serve Robotics, citing it as an example of the coming wave of physical AI. The company has deployed more than 2,000 robots, marking the largest sidewalk delivery fleet in the United States. While revenue is soaring, losses are mounting, so investors should tread carefully.

Nvidia has been, without a doubt, one of the best-performing stocks. Shares have climbed 1,320% in the past five years (as of Jan. 5). This gain would have turned a $2,000 investment into over $28,000 today. The S&P 500 (SNPINDEX: ^GSPC) put up a total return of 100% during the same time, which doesn't even come close to Nvidia.

Eli Lilly and Nvidia, two primary drivers of the recent stock market rally, are deepening their alliance to connect silicon with biology through artificial-intelligence-powered drug development.

Nvidia has been the star of the artificial intelligence show for three years, and its stellar performance doesn't appear to be coming to an end.