The stock is trading at a record high but might still be cheap based on its potential future earnings. It will release its latest quarterly financial results on Nov. 20, and the company's own revenue forecast might be too conservative.

Nvidia is still the best stock in the semiconductor sector, according to Mizuho analysts. Worries over tariffs and Taiwan shouldn't change that.

In fact, fellow Dow newbie Sherwin-Williams Co. with a market cap of $97.67 billion, is nearly three times more influential. Read: Nvidia to replace Intel in the Dow, underscoring

Nvidia will report financial results for the third quarter on Nov. 20, and the vast majority of Wall Street analysts rate the stock a buy ahead of the event. Nvidia beat Wall Street's forecasts in the second quarter and gave stronger guidance than anticipated,

The AI chip maker is benefiting from the marketwide upturn following the U.S. presidential election. TSMC's monthly sales report could be a further support.