While investors could soon get more clarity on geopolitical matters, they seem bearish on AI stocks and worry there will be more pain ahead.

The broader market would have to cooperate, and the AI narrative would have to return for, NVDA stock to break above $220 this year. Compared to most other AI stocks right now, NVDA is surprisingly the cheapest of the bunch. It trades at 41 times earnings, while historically, it has traded around 52 times earnings at the median.

Nvidia stock was heading for its second-largest drop in March as the potential for stricter regulations on its chips in China sends shares lower, a negative report on data-center spending, and other factors cause investors to flee tech stocks.