Nvidia (NASDAQ: NVDA) has been the stock everyone is talking about for quite some time -- and for good reason. The company dominates the artificial intelligence (AI) chip niche with a market share of about 80%, and this has translated into record earnings. Even better, Nvidia's focus on innovation means its dominance is likely to last.

It’s Fed decision day—and it'll be difficult for the chip maker's shares to make gains until investors have more clarity about the central bank's next move.

On Wednesday, the Federal Reserve trimmed interest rates aggressively and penciled in further rate cuts by the end of the year. It slashed the benchmark interest rate by a half-point to 4.75-5% for the first time since March 2020.