It’s been a record-breaking year for artificial intelligence darling Nvidia’s stock, with analysts overwhelmingly bullish about the year to come.

Nvidia is one of the most popular AI stocks right now because of its lead in the semiconductor space. The company's graphics processing units (GPUs) have been used in data centers for years, and once tech giants began competing for generative AI dominance, the chips were even more in demand.

US stocks climbed on Monday, with chip stocks leading the tech sector higher while investors eyed a possible year-end rally. All three benchmark indexes ended the trading session in the green, with the tech-heavy Nasdaq Composite rising nearly 1%.