Key Takeaways Nvidia shares slipped Monday, giving up some of last week's gains as the stock's bout of volatility continued.The stock hit a record high in mid-June but has since been on a rollercoaster ride as investors have tempered their AI optimism and embraced rate-sensitive stocks.

Nvidia's huge stock rally is still exerting an outsized influence over the S&P 500 index , reinforcing concerns that broader markets could be hurt if the chipmaking giant's fortunes turn.

Nvidia's partners are showing that the AI titan has "strong runway" for at least the next year, one analyst says.

Nvidia jumped after CEO Jensen Huang flagged strong demand for the company's chips, boosting its market value by more than $200 billion and accounting for 44 percent of the S&P 500's surge that day, data from Nomura showed.

Nvidia shares have declined 2% since the company completed a 10-for-1 stock split in June. Historically, Nvidia shares have plunged 23% on average during the 12-month period following a stock split. Wall Street analysts forecast Nvidia's adjusted earnings will grow at 35% annually through fiscal 2027.

Nvidia (NASDAQ:NVDA) is perhaps the most consequential semiconductor maker of our time. The high-performance chip maker has seen its valuation skyrocket in recent years, in large part due to hefty demand for the company's chips which power everything from AI to gaming,