NVIDIA's stock has surged over 185% in 2024, solidifying its position among the largest companies globally by market capitalization.

Recently, NVIDIA surpassed Apple in market capitalization, reaching $3.34 trillion, following strong second-quarter earnings that exceeded Wall Street expectations.

A $1,000 investment in NVIDIA back in 2005 is now worth an astonishing $857,383, showcasing the company's remarkable growth.

The buy case for NVIDIA argues that demand for its chips remains robust and is expected to grow as AI models become more complex, necessitating greater computing power.

NVIDIA is well-positioned in AI inference, attracting interest from enterprise and industrial customers, which signals potential for future growth.

CEO Jensen Huang has strategically expanded NVIDIA's presence in Israel by acquiring Mellanox Technologies for $6.9 billion, leveraging the country's strong tech workforce.

An anonymous long-term NVIDIA investor expresses confidence in the company's product superiority, asserting that there is no close competitor in the chip market.

NVIDIA's accelerated development cycle allows for annual upgrades, enhancing its pricing power in the GPU market.

Despite significant stock gains, NVIDIA's valuation remains attractive, with a forward price-to-earnings (P/E) ratio of about 31, indicating a potentially undervalued stock.

Investors are currently debating whether NVIDIA stock is a buy, sell, or hold as they assess future demand for its graphics processing units (GPUs).

However, concerns loom regarding the sustainability of demand for NVIDIA's AI chips, particularly if the need for AI training decreases as models improve.

Looking ahead, Oracle anticipates continued growth in AI infrastructure spending over the next five to ten years, which could further support NVIDIA's prospects.