Artificial intelligence (AI) has given Nvidia (NASDAQ: NVDA) a massive boost in the past six months as it has become evident that the chipmaker is going to play a mission-critical role in the proliferation of this technology.

Nvidia stock has soared roughly 190% this year, and that rally seems justified, as the boom in AI adoption has created a massive demand for the company's graphics cards. The AI-driven demand has turned Nvidia's fortunes around remarkably, with the company expected to clock nearly 60% revenue growth in the current fiscal year (2024) to $43 billion. Its earnings are expected to more than double to $7.78 per share from $3.34 per share in the prior fiscal year.

That's a big jump from fiscal 2023 (which ended on Jan. 29, 2023), when Nvidia's top line remained flat at $27 billion. Meanwhile, the oversupply of personal computer (PC) graphics cards -- owing to a big crash in PC sales -- led to a 25% decline in the semiconductor giant's adjusted earnings in fiscal 2023. This makes it clear that AI is moving the needle in a big way for Nvidia, and it could continue to be a key growth driver for the company in the long run.

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Source Fool.com