Nvidia stock was sliding on Thursday as a business partner’s weak outlook took some of the shine off President Trump’s artificial intelligence announcements.The shares were down 1.2% to $145.24 in early trading.

Chipmaker Nvidia (NASDAQ:NVDA) is at the forefront of all things AI these days. Its chips are used to help power the AI revolution. Many quantum computing stocks exploded in value last year as investors hoped to get ahead of the crowd in what could be a transformational wave of new technology.

Now that it's the world's most valuable company, some investors might believe the time to buy Nvidia has already passed, but these developments show that's not the case. Furthermore, the stock is currently selling for just 32 times next year's expected sales, a remarkably attractive price for a company with so much opportunity.

Nvidia (NASDAQ: NVDA) and Apple (NASDAQ: AAPL) are the two largest companies in the world by market capitalization. While Nvidia is valued at roughly $3.38 trillion as of this writing and stands as the second-biggest business,

Nvidia is once again the most valuable U.S. company, outranking Apple for the first time since late November. A rise in the chip maker's stock meant it ended Tuesday with a market capitalization of $3.

Nvidia (NASDAQ: NVDA) hasn't been on sale much during the last few years. Nvidia has been one of the largest beneficiaries of the artificial intelligence (AI) competition. Its graphics processing units (GPUs) are best-in-class products and crucial to creating these powerful AI models.

Nvidia experienced four separate 50% drawdowns in its history. The company is booming right now, but a cyclical downturn could be around the corner. High expectations should keep investors away from Nvidia stock at the moment.