Through that success, shareholders have been rewarded handsomely, with Nvidia stock returning a whopping 1,604% in the past five years. Some investors, seeing that performance, may assume the stock is now too expensive or overvalued. That thinking risks overlooking the big picture, which is Nvidia's massive growth and earnings momentum.

Ross pointed out that Nvidia's stock is holding the DeepSeek sell-off lows of around $114, hit in early February. Ross said he owns Nvidia and remains a buyer and a believer in the company — but if the DeepSeek lows are breached, he would be "less sanguine."

Nvidia stock has soared 1,500% over the past five years thanks to the company’s leadership in the artificial intelligence market -- and valuation has climbed too. But in recent weeks, concerns about the economy have halted the momentum.