Nvidia Corp. (NVDA) is having an unusually rough November, but if you ask the analysts, the AI chip giant is still the undisputed heavyweight champion of the artificial intelligence revolution.

The Rocky Balboa of AI

Wedbush analyst Dan Ives took to X on Wednesday with a boxing metaphor that's probably going to stick around for a while. Sure, companies like Alphabet Inc. (GOOG) (GOOGL) and Broadcom Inc. (AVGO) are making moves in the TPU chip space, and yes, trillions of dollars are expected to flow into AI infrastructure over the coming years. Multiple Big Tech players will absolutely benefit from this spending wave.

But here's the thing: Nvidia is still "the indisputable Rocky Balboa champion of the AI Revolution," according to Ives. Not a contender. Not a rising challenger. The champion.

Gene Munster, managing partner at Deepwater Asset Management, jumped in to second that opinion. "I agree with @DivesTech, Nvidia is the champ," he wrote, adding his own prediction: "AI infrastructure will be a bright spot for investing in 2026." Worth noting that Deepwater owns Nvidia shares, so they've got skin in this game.

The Competition Is Getting Real

This rallying cry comes at an interesting moment. Reports emerged that Meta Platforms Inc. (META) might start using Google AI chips in its data centers. Google's tensor processing units are specifically designed to deliver efficient, cost-effective performance across AI workloads, which is a direct challenge to Nvidia's dominance in the space.

Broadcom (AVGO) is also positioned to benefit from any potential deals, partly because CEO Hock Tan sits on Meta's board. Jim Cramer has pointed this out as a strategic advantage worth watching.

Nvidia's response? The company publicly acknowledged Google's advancements while simultaneously flexing a bit. In a social media post, Nvidia said it was "delighted" by Google's progress, then casually mentioned that it remains "a generation ahead" of its competitors. Polite, but pointed.

What's Happening With The Stock?

Here's where things get uncomfortable for Nvidia shareholders. The stock has experienced unusual volatility this month. After climbing 33.03% over the past six months, shares dropped 2.6% on Tuesday, rebounded 1.4% on Wednesday, but still marked a five-day decline of about 8%.

November is historically one of Nvidia's strongest months, with an average return of 10.55% and very few double-digit declines. So what's different this year? As of November 25, Nvidia shares have fallen 14% for the month. That's the company's worst monthly performance since September 2022.

Let's put this in perspective though. Over the past three years, the company has returned over 1,300%. Yes, you read that right. Thirteen hundred percent. Nvidia has been the poster child for the generative AI boom, and one bad month doesn't erase that track record.

According to market data, NVDA maintains a strong long-term price trend, even though its short and medium-term performance has turned negative. The fundamentals supporting AI infrastructure spending haven't changed, which is probably why analysts like Ives and Munster aren't panicking.

The Bigger Picture

What we're watching here is a market trying to figure out whether Nvidia's dominance is permanent or just a first-mover advantage that will eventually erode. The bulls argue that Nvidia's technology lead, ecosystem, and software integration give it a sustainable moat. The bears point to rising competition and the possibility that hyperscalers like Google and Meta will increasingly build their own custom chips to reduce dependence on any single supplier.

Both arguments have merit. The AI infrastructure build-out is massive enough that multiple players can win. But being the champion, as Ives and Munster argue, means you get the biggest piece of the pie. And right now, despite a rough November, Nvidia is still serving itself the largest portions.