Shares of Nvidia (NASDAQ: NVDA) have shot up big time in 2023, seeing gains of over 60% so far, and it looks like the chipmaker's hot rally could be here to stay thanks to the growing craze around generative artificial intelligence (AI) applications.

The semiconductor bellwether could be a big beneficiary of the growing proliferation of artificial intelligence (AI) applications, which have sprung into the limelight in recent months thanks to chatbots such as Bard and ChatGPT. So, it was not surprising to see Nvidia management spending considerable time on its latest earnings conference call explaining how the company is all set to become an enabler of generative AI applications.

Let's take a closer look at how the growing adoption of AI could turn out to be a tailwind for Nvidia and supercharge its long-term growth.

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Source Fool.com