Nvidia (NASDAQ: NVDA) stock has rewarded investors handsomely in 2023 thanks to the hype around artificial intelligence (AI) and the role that the chipmaker is playing in the proliferation of this hot tech trend, as evident from the 80%-plus gains recorded by the semiconductor giant so far this year. Nvidia's hot rally has made the stock prohibitively expensive. Let's look at two reasons why Nvidia stock could still head higher.