Nvidia stock was falling early Monday after renewed Chinese efforts to boost its own semiconductor sector to counter U.S. sanctions. Beijing urged local companies to stay away from Nvidia chips.Shares fell 2.

Some investors are concerned Nvidia stock can't possibly go any higher. The evidence suggests those fears are unfounded.

While the stock has gained nearly 750% since the beginning of last year, it has charted a somewhat rocky course over the past few months. But Nvidia looks on track to keep growing sales of its high-end graphics processing units (GPUs) and remain the industry's dominant supplier.

China's move is designed to bolster its local AI chip ecosystem.

In a move to strengthen its semiconductor industry and counter U.S. sanctions, Beijing is reportedly encouraging Chinese firms to prioritize locally produced artificial intelligence (AI) chips over those from Nvidia Corp.

Chinese AI chipmaker Cambricon Technologies Corp. soared its 20% daily limit on Monday, leading a sector rally after Bloomberg News reported Beijing was stepping up pressure on domestic companies to ditch Nvidia Corp.