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Despite an already-blistering performance, tech giant Nvidia (NASDAQ:NVDA) continues to march higher toward its seemingly next logical target: a market capitalization of $3 trillion. Driving the narrative is an upcoming share split and a seemingly indomitable business. Still, there are a rare few voices that have expressed bubble concerns about NVDA stock.

First, the juggernaut’s ascent is nothing short of remarkable. Thanks to its ultra-relevant business — providing the graphics processors that undergird artificial intelligence-fueled applications and protocols — NVDA stock has gained 151% year-to-date. At the time of writing, its market cap stands at $2.97 trillion. Were it to hit $3 trillion soon, it would shatter a record.

According to The Wall Street Journal, Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) took 719 and 650 trading sessions, respectively, to jump from the $2 trillion mark to $3 trillion. Per Reuters, NVDA stock briefly pinged the $2 trillion valuation on Feb. 23.

Of course, with this intense performance comes the reality that the per-share price is too expensive for retail investors lacking access to fractional ownership capabilities. By splitting NVDA stock, nothing fundamentally changes in terms of the action itself. However, the move dilutes the share pool to make each unit cheaper, thus enhancing accessibility. This, in turn, may cause retail investors on the sidelines to jump in.

Business Booms for NVIDIA Stock, but Concerns Exist

It’s not just the share split that has investors excited about NVDA stock. The main focus has always been the business. With Nvidia providing the advanced graphics processors that high-level enterprises crave for their AI initiatives, among other bandwidth-sapping innovations, there seems to be no shortage of enthusiasm.

As Adam Gold, founder and Chief Investment Officer at Katam Hill LLC, explained, “It’s like trying to catch a marathon runner that’s running at full speed. They’ve been in the race for a long time. At the moment they’ve got a big lead and they’re poised to extend it this year and next year.”

It’s hard to dismiss the analogy. While Advanced Micro Devices (NASDAQ:AMD) and Intel (NASDAQ:INTC) are throwing their hats into the ring, their AI competitiveness is still short of Nvidia’s mammoth capabilities.

At the same time, a few voices have urged caution. JP Scandalios, senior vice president and portfolio manager at Franklin Equity Group, admits being “a little nervous” about the considerable hype over NVDA stock. Still, he is bullish about the long-term picture overall.

Less so is Rob Arnott, Chairman and founder of Research Affiliates LLC. “When narratives get ahead of themselves is when they extrapolate recent trends into the future. Nvidia’s sales doubled in 12 months. Fantastic. How long does that persist?”

Ultimately, Arnott states that stakeholders of NVDA stock should stay the course. However, he also warns that “[b]ubbles continue until they don’t.”

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.