Nonetheless, it usually follows significant share-price appreciation, and it signals confidence from management that the future will see the stock continue to rise. As such, many investors flock to stocks when they announce forward stock splits as well as shortly after the splits occur.

Investors were disappointed by the absence of updates on Tesla's affordable Model 2 at Elon Musk's "We, Robot" event.

The S&P 500 rose 0.6%, extending gains into a fifth straight week — its longest winning run since May. The Nasdaq 100 added 0.1%. The Dow Jones Industrial Average gained 1%. The Russell 2000 climbed 2.1%. Tesla Inc. dropped 8.8% after the unveiling of its Robotaxi was light on specifics. Uber Technologies Inc. and Lyft Inc. jumped over 9.5%.

Monster gains notwithstanding, Wall Street is still bullish on the semiconductor company. Of the 65 analysts who follow Nvidia, 92% give the stock a buy rating and the remaining 8% give the stock a hold rating. Moreover, Nvidia's median price target of $150 per share implies 14% upside from its current share price of $132.

Wall Street held firm even though stock markets around the world sank following scary swings in China, as euphoria about possible stimulus for the world's second-largest economy gave way to disappointment. Stocks tumbled 9.4% in Hong Kong for their worst day since the 2008 global financial crisis.

Last week, George Gianarikas of Canaccord Genuity shaved $2 per share off his fair value assessment of Rivian stock, for a new level of $28 per share. He maintained his buy recommendation despite the reduction, as even at that lower target the EV manufacturer still has the potential to leap nearly threefold in price.

"We have wind at our sails, and this bull market should last at least another 12, maybe 18 months." Jay Woods of Freedom Capital Markets told BI.