The reason why Wall Street has been all over Nvidia over the past couple of years comes down to its dominance in artificial intelligence (AI) infrastructure. Its role begins with data centers, which give companies the ability to train,

DA Davidson lifted its rating and price target on Nvidia stock, with analysts predicting another 18% gain from current levels.

Wall Street futures pointed to a subdued open on Wednesday as markets stalled ahead of a widely anticipated interest-rate cut from the Federal Reserve later in the day, while Nvidia slipped after a report Chinese tech firms might stop buying its chips.

While Nvidia and Palantir have been investor favorites where the AI trade is concerned, Amazon ( AMZN -0.16%) and HubSpot ( HUBS 1.21%) are also well positioned to benefit, and most Wall Street analysts think the stocks are undervalued today.

Reasons for the bullish push include strong AI growth potential and demand for the company's chips.

Intel stock jumps 27% at Wall Street open after big tech firm Nvidia's $5 billion investment update — Details here