Wall Street in terms of market value, but in the eyes of the 128-year-old Dow Jones Industrial Average, its stock is ranked well below average. The semiconductor maker and leader of the artificial-intelligence boom officially became a member of the venerable index at 9:30 a.

The stock is trading at a record high but might still be cheap based on its potential future earnings. It will release its latest quarterly financial results on Nov. 20, and the company's own revenue forecast might be too conservative.

Nvidia (NASDAQ: NVDA) has been in scintillating form on the stock market in 2024, reaching gains of nearly 180% as of this writing. This is due to the robust growth that the company has been clocking in recent quarters on account of the strong demand for its graphics cards deployed in artificial intelligence (AI) servers.

The AI chip maker is benefiting from the marketwide upturn following the U.S. presidential election. TSMC's monthly sales report could be a further support.

One analyst believes Nvidia holds a 95% market share in chips for artificial intelligence training and inference.