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 Stock Advisor recommendation NVIDIA (Nasdaq: NVDA) are soaring today, rising more than 10.7% on a daylong upward slope at fairly heavy trading volume.

So what: By all rights, this is what NVIDIA's chart should have looked like yesterday, when Intel (Nasdaq: INTC) agreed to a lucrative cross-licensing pact and Advanced Micro Devices (NYSE: AMD) kicked out a winning CEO for no good reason. If yesterday's NVIDIA dip was a profit-taking move, then investors are simply backing up the truck again today.

Now what: The share price has doubled in three months, and most of this enthusiasm comes from NVIDIA becoming a major player in the mobile computing space. Does the stock have any room left to run? A rising ratio of short sales indicates market skepticism, and yet the bull run continues. Tread lightly on both sides of the short-sale fence, dear investor.

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

Fool contributor Anders Bylund owns shares of AMD but holds no other position in any of the companies discussed here. Intel is a Motley Fool Inside Value selection. NVIDIA is a Motley Fool Stock Advisor recommendation. The Fool owns shares of and has bought calls on Intel. Motley Fool Options has recommended buying calls on Intel. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.