Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of chip designer and longtime Stock Advisor recommendation NVIDIA (Nasdaq: NVDA) are setting fresh 52-week highs today after a 12.8% gain over last night's closing price.

So what: It's the middle of electronics trade show CES, and NVIDIA is busy extolling the smartphone and tablet virtues of its Tegra 2 chips. If that wasn't enough, Microsoft (Nasdaq: MSFT) also just announced that it's working on a Windows version for mobile chips, specifically naming NVIDIA as one of the key partners in that effort.

Now what: If the buzz around this year's CES is any indication, the company is shifting gears with authority. The graphics-card ghosts of NVIDIA's past may soon fade to a memory, as the company's future clearly rests in the mobile processor space. It's going to be a tough slog against deeply entrenched competitors Texas Instruments (NYSE: TXN) and Qualcomm (Nasdaq: QCOM), but NVIDIA is no stranger to fighting uphill battles.

Interested in more info on NVIDIA? Add it to your watchlist.