Nvidia stock was rising early Wednesday as it continued to pare back some of its recent losses—but more big swings could be ahead.Shares in the chip maker rose 2.2% to $111.11 in premarket trading, having closed the previous session up 1.

With a forward price-to-earnings (P/E) multiple of just 25.5, Nvidia shares are valued only slightly higher than the Nasdaq-100 estimate of 25, making them quite affordable and reducing the risk of downside. The stock is likely to remain flat this year unless there is a severe deterioration in macroeconomic conditions, such as a recession.

We recently published a list of 10 Best Upside Stocks To Buy Right Now. In this article, we are going to take a look at where NVIDIA Corp.