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.

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,

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.

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.

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.