Nvidia (NASDAQ: NVDA) stock has been a fantastic medium- and long-term winner and even a winner over the last year. But shares of the artificial intelligence (AI) chip and technology leader have been having a tough time recently.

Ross pointed out that Nvidia's stock is holding the DeepSeek sell-off lows of around $114, hit in early February. Ross said he owns Nvidia and remains a buyer and a believer in the company — but if the DeepSeek lows are breached, he would be "less sanguine."

Investors appear worried about the health of AI spending. But big AI customers don’t seem hesitant, an analyst notes.

The chip maker is currently trading at 23.3 times earnings expected over the next 12 months, which is below its five-year historic average of 40 times.

GTC 2025 conference is less than a week away, and investors are anticipating a catalyst for its struggling stock could be coming. That optimism helped shares jump as much as 7.4% today. Even so, Nvidia shares have lost more than 15% so far this year,