Nvidia has a median 12-month price target of $150 per share. That implies 15% upside from its current share price of $131. Arm has a median 12-month price target of $144 per share. That implies 5% downside from its current share price of $151.

China shares fell as investors digested much weaker-than-expected export data released late Monday. Japan's market jumped as its semiconductor firms followed Nvidia upward.

Nvidia has delivered such massive gains in recent years that it's easy to overlook how the stock has performed over the short term. Most investors would be happy with a 20% gain in a year. Nvidia's share price has soared over 20% in the last five weeks.