Shares of Nvidia are hovering near all-time highs.

It's hard to believe that at one point this year, Nvidia ( NVDA 1.65% ) stock had plummeted by 30% and lost over $1 trillion in market value .

Yet as of the closing bell on Aug. 20, shares have bounced back with a 31% gain on the year -- far outpacing the returns of the S&P 500 or Nasdaq Composite . Even more impressive, Nvidia has reclaimed its crown as the most valuable company in the world , boasting a market capitalization of nearly $4.3 trillion.

Despite trading near all-time highs, some Wall Street analysts see even more upside ahead -- with price targets forecasting as much as 400% further gains . In other words, many investors think Nvidia stock is still undervalued.

Let's explore the catalysts that could fue

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