Will Nvidia's growth rate keep slowing down? If so, investors may be wise to take their profits. However, if the AI chip designer's new products spur faster growth, now might be a buying opportunity.

Stock prices rise when companies exceed investor expectations and raise guidance and they drop if companies fall short on either one. Nvidia is no exception to this rule.

To justify buying Nvidia stock now that it's the most valuable company in the world -- having enjoyed a 195% rise in its share price to a market capitalization of $3.5 trillion this year -- you must believe the company will keep beating and raising.

If Nvidia significantly exceeds conservative growth targets with help from Blackwell, the stock could rise despite slowing revenue growth, dependence on a few large customers, and the absence of a killer app to deliver a return on the rising investment needed to train and operate AI chatbots.

Nvidia stock presents investors with significant risks. These include the following:

My guess is investors are baking all these negatives into their expectations. Indeed, despite Nvidia's slowing growth in 2024, the company's stock has continued to rise. This could be because the company has been doing a good job of lowering investors' growth expectations.

Positive surprises to growth would keep Nvidia stock rising. Large orders for the company's latest chip line for the largest AI service providers -- coupled with growing corporate interest in applying AI to make processes more efficient -- could result in positive surprises for investors. Here's how:

Until Nvidia can unlock faster-than-expected growth, its stock could be stuck in a trading range.