It's been quite the year for artificial intelligence (AI) chipmaker Nvidia ( NVDA 4.57%), which has seen its stock rise more than 161% year to date. Over the last five years, Nvidia's stock is up by more than an astounding 2,560%.

But it wasn't just the Fed rate cut that had investors pouring into Nvidia stock today. CEO Jensen Huang also just spoke on stage with Salesforce CEO Marc Benioff at the Dreamforce annual technology gathering in San Francisco hosted by Salesforce.

The central bank's decision to slash borrowing costs by 50 basis points is easing concerns about the economy. That could lift the AI trade.

Nvidia has led the S&P 500 ( ^GSPC -0.29%) higher this year amid frenetic interest in artificial intelligence (AI). The stock has surged 136% since January, and Wall Street analysts forecast median upside of 30% from the current share price of $115. But betting on a single AI stock is a bad strategy.

Nvidia (NASDAQ: NVDA) CEO and founder Jensen Huang has been consistently selling some of his shares for months now. Even though Nvidia achieved several highs in the past few months, he kept selling, which may lead some people to believe that because Nvidia's insiders are selling, they know the business is at the top.

Nvidia's huge stock rally is still exerting an outsized influence over the S&P 500 index , reinforcing concerns that broader markets could be hurt if the chipmaking giant's fortunes turn.

Shares of NVIDIA Corp. NVDA slipped 1.92% to $113.37 Wednesday, on what proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX falling 0.29% to 5,618.26 and Dow Jones Industrial Average DJIA falling 0.