Investors are keying on Nvidia's first-quarter earnings, slated for May 22, to round out the Magnificent 7 reporting season.

Nvidia was the best-performing stock in the S&P 500 last year, primarily because interest in AI drove unprecedented demand for its graphics processing units (GPUs). Shares have now advanced 510% since the beginning of 2023, but there's a possible inflection point on the horizon.

Analysts at Goldman Sachs raised the firm's price target on Nvidia to $1,100 from $1,000 and affirmed a buy rating on the shares, which remain on the firm's Conviction List.