Watch out for the semiconductor supercycle before you start buying stocks like Nvidia

iStock; Rebecca Zisser/BI

• Nvidia's stock has more than doubled since the start of the year.
• However, experts told Business Insider that the chip giant may not always be on the up and up.
• Nvidia has to reckon with the cyclical nature of the industry and increased competition.

Riding the AI wave has proven to be lucrative for Nvidia.

Nvidia stock prices have more than doubled since the start of the year, and in June, it briefly became the world's most valuable company.