So, is Nvidia stock a buy at its current level? Or is the stock's current valuation already pricing in expected business growth? One thing is clear: Nvidia's business is firing on all cylinders. Revenue in its most recently reported quarter soared 94% year over year and 17% sequentially to $35.

The Biden administration is planning to impose more restrictions on chip sales to China and Russia, according to a report.

Nvidia stock was looking to find its footing on Wednesday after economic data prompted a Big Tech selloff the previous day. Nvidia stock tumbled 6.2% in the previous session, wiping out about $200 billion worth of market capitalization.