Nvidia has been on a tear lately—and that’s put the the chip maker on the cusp of breaking records.

Nvidia ( NVDA 1.10%) has been one of the best investments to own over the past few years. However, if you examine how the stock has performed in 2023 and 2024, it's clear that the second half of the year hasn't been as strong as the first half, though it's still been positive.

Even at record highs, Nvidia’s stock may not be as expensive as it is touted to be. Some valuation metrics suggest room for upside