The cyclical nature of chip stocks could affect Nvidia stock in the near term. Unfortunately for investors who want to buy Nvidia shares, its success has made determining whether it is a buy now a more difficult problem.

Investors could be encouraged by news from TSMC, which reported a surge in profit on strong demand for AI semiconductors.

Nvidia (NASDAQ: NVDA) has become the second-largest company in the world, with a market capitalization of $3.3 trillion as of this writing. The semiconductor giant's impressive rise can be justified by the phenomenal increase in its revenue and earnings over the past couple of years,

Is it time to rethink your tech stock choices? Check out why you might prefer this tech giant to Nvidia's soaring stock.