Nvidia stock was edging down early on Friday with the chip maker’s shares still stuck just below record highs ahead of its coming earnings. Nvidia shares were down 0.5% at $146.01 in premarket trading.

At least five research firms raised their price targets on Nvidia stock on Thursday ahead of the AI chipmaker's fiscal Q3 earnings report.

"Even with a decelerating growth rate on huge numbers, Nvidia's CY2025 PEG ratio stands at about 0.8x on our estimates. This ratio is 33% less than Broadcom's and the lowest in the Mag 7 by a wide margin," Reitzes said. Nvidia stock is up 197% year-to-date and trading about 2% below its record high of $149.77 per share.

Nvidia shares gain as ASML and Foxconn both say they still see strong signs of demand for artificial-intelligence semiconductors.

Nvidia held a roughly 3% stake in Applied Digital as of Sept. 30, according to a filing with the Securities and Exchange Commission. Applied Digital is a provider of advanced digital infrastructure, designed to support high-performance computing and artificial intelligence applications.