After falling about 50% in 2022, Nvidia's (NASDAQ: NVDA) share prices have rebounded 61% so far this year and significantly outperformed the S&P 500 year to date. Does that mean it's already too late to buy?

Sales of graphics processing units (GPUs) have been weak over the past year, and that was reflected in the company's recent earnings report, with fiscal fourth-quarter revenue down 21% year over year. 

However, it's a good sign that Nvidia grew revenue sequentially over the previous quarter, which could mean the business is navigating through the trough in the demand cycle right now. Let's look at the opportunities ahead to see if that justifies buying the stock at the current highs.

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Source Fool.com