Some investors are wondering which company will reach a $4 trillion valuation first. They might be missing the forest for the trees.

The S&P 500 (SNPINDEX: ^GSPC) has advanced 20% year to date due to strong interest in artificial intelligence and surprisingly robust economic growth. But certain Wall Street analysts believe UiPath (NYSE: PATH) and Roku (NASDAQ: ROKU) are undervalued.

AI investing has been all the rage this year, but as macro uncertainty picks up, so have recommendations to buy defensive stocks.

Let's look at the numerous growth drivers that could send Nvidia stock to new heights. Nvidia revolutionized gaming a quarter of a century ago when the company pioneered the GPU, which produced lifelike images in video games.

Artificial intelligence stocks have had a tough summer, following a tremendous run in AI-related tech stocks that began in late 2022. One key stock at the very center of the AI boom has actually lost 43% of its value from its June highs.

Its stock is trading down 64% from the all-time high it set during the tech frenzy in 2021, with a relatively expensive valuation combined with slowing revenue growth contributing to the decline. However,

Oracle Corp. is winning over investors and analysts as it sees a resurgence in sales growth driven by artificial intelligence-fueled demand.

Analysts are optimistic regarding this year's potential as well as long-term growth in international markets. Wall Street doesn't know the future, and its price targets frequently change with stock market conditions.