While the long-term outlook for AI remains encouraging and this technology has real-world applications in most industries around the globe, Nvidia's chances of becoming Wall Street's first $5 trillion company are likely going to be thwarted by history.

Since ChatGPT was introduced in late 2022, artificial intelligence has driven Nvidia (NASDAQ:NVDA) forward to 900% gains. It is now the second most valuable stock with a $3.34 trillion market capitalization.

Nvidia Corp.’s $3 trillion run-up in market value in the two years since ChatGPT helped trigger an AI frenzy is bigger than any stock rally in history in such a short time span. But the landscape is now changing for the chipmaker.