AI-related stocks have delivered explosive gains for the past two and a half years. Nvidia (NASDAQ:NVDA) turned its GPUs into the picks and shovels of the new gold rush and became the planet’s most valuable company.

The Nasdaq cruised to a fresh record high on Tuesday, powered by a jump in Nvidia, while the S&P 500 hovered below its peak, as investors digested an inflation report and a flurry of major bank earnings.

June inflation data released Tuesday represented an increase from May levels, despite the headline numbers matching expectations.

Nvidia owns a 7% stake in CoreWeave, and made it possible for the young company to be the first to launch its latest GPUs. In February, CoreWeave became the first hyperscaler to make Nvidia's new Blackwell architecture broadly available -- and it just did the same recently with the latest iteration, Blackwell Ultra.

Nvidia (NASDAQ: NVDA) stock currently trades for around $155. However, Loop Capital just gave Nvidia a new price target of $250 per share. That indicates around 60% upside from today's price, but the implications of a $250-per-share stock are far greater.

The stock market is at highs thanks to Nvidia and AMD, but getting a little stretched. Tesla and Google are on tap.