1 Remarkable AI Growth Stock to Buy Hand Over Fist Before It Soars 59%

“You only need a few good stocks in your lifetime. I mean how many times do you need a stock to go up tenfold to make a lot of money? Not a lot.”-Peter Lynch

Investing is hard; losing stocks are easier to find than winning ones. However, as the great Peter Lynch points out, one or two great stocks can carry many other mediocre ones in an individual portfolio.

Today, I want to examine a stock that has already made many investors rich — and remains a solid investment today: Nvidia (NASDAQ: NVDA).

Image source: Getty Images.

Nvidia is red-hot, thanks to the AI revolution

Let’s start with the obvious: Nvidia’s stock is on fire. Shares are up 38% year to date, and we’re only six weeks into the new year.

The reason? Artificial intelligence (AI), of course.

As the designer of the world’s premier AI chips, graphics processing units (GPUs), Nvidia has seen demand for its products skyrocket over the last two years.

Indeed, the demand for AI chips is growing so fast that the International Energy Agency (IEA) estimates that overall energy consumption by data centers may double by 2026.

And bear in mind data centers already consume a staggering amount of power. The IEA estimates that in 2022, data centers used roughly 460 terawatt-hours of electricity. That’s approximately 1% of global electricity demand, or enough to power 32 million homes for a year.

In other words, AI infrastructure is already massive, and it’s growing even larger. That’s great news for Nvidia, whose cutting-edge AI chips are prized by AI developers for their power, speed, and efficiency.

Rising revenue, rising stock

Now, let’s talk revenue. Nvidia’s sales have been climbing steadily as companies like Meta Platforms have ordered hundreds of thousands of AI chips.

Indeed, Nvidia’s revenue over the last 12 months has jumped to $45 billion, up from $26 billion a year ago. However, the company’s estimated sales figures are where the eye-popping math appears.

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