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: For the second time in two weeks, shares of chipmaker NVIDIA (Nasdaq: NVDA) rallied more than 10% after a weekend article in Barron's argued that the stock could rise 80% during 2011.

So what: Color me unsurprised. NVIDIA was one of my four top picks from this month's Consumer Electronics Show (CES), in part because of the wide applicability of its Tegra chipset for tablets and Android smartphones.

Now what: Longer term, NVIDIA has deepened its relationship with ARM Holdings to produce a new CPU for netbooks and Windows desktops. Management's calling the undertaking "Project Denver."

Taking on Intel and Advanced Micro Devices on the desktop no doubt presents risks, but turmoil at AMD may have handed this one-time graphics specialist a surprisingly good opportunity to make a run at the PC market.

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

NVIDIA is a Motley Fool Stock Advisor selection. Intel is a Motley Fool Inside Value pick. Motley Fool Options has recommended subscribers purchase Intel calls. Try any of our Foolish newsletter services free for 30 days.

Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Twitter as @milehighfool. You can also get his insights delivered directly to your RSS reader. 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 owns shares of Intel, in which it also holds a call options position. The Fool is also on Twitter as @TheMotleyFool. Its disclosure policy is at least 10% better than other disclosure policies.