The average stock price target on Nvidia ( NVDA -1.95%) stock is $153, with a high of $200 and a low of $90. Nvidia's stock currently sits at around $120, which indicates a roughly 30% upside. So, with that kind of upside potential in store for Nvidia, is it time to buy?

Nvidia jumped after CEO Jensen Huang flagged strong demand for the company's chips, boosting its market value by more than $200 billion and accounting for 44 percent of the S&P 500's surge that day, data from Nomura showed.

With few big sector-specific catalysts on the horizon, one analyst thinks the direction of semiconductor and other technology stocks will be determined by the Fed’s next move and macro data.

Cliff Asness at AQR Capital sold 1.3 million shares of Nvidia, shrinking his stake by 8%. He also bought 9,254 shares of the Invesco QQQ Trust, increasing his position 332%.

Those who have bet against Nvidia (NASDAQ:NVDA) over the past few years have been proven wrong again and again (and again). Since the launch of