Nvidia's (NASDAQ: NVDA) revenue and adjusted earnings per share (EPS) have grown at a torrid triple-digit percentage pace for three consecutive quarters. And investors should be able to count on the tech giant's streak extending to four quarters. For the quarter that ends in late April, management guided for the company's top and bottom lines to surge 234% and 396%, respectively, year over year.

Nvidia's powerful financial results have propelled its stock to tremendous gains. In the fiscal first quarter of 2024, Nvidia stock rocketed 82.5%, making it the second-best performer on the S 500 index, and its long-term performance is even more impressive. (Super Micro Computer, a server specialist, was the index's top performer in Q1.)

The primary catalyst behind Nvidia's rapid business growth is incredibly strong demand for its chips and related products that accelerate the processing of artificial intelligence (AI) workloads in data centers. Graphics processing unit (GPU) chips have emerged as the best type of general chips for this purpose -- and Nvidia is the leading maker of discrete GPUs. Discrete means the GPUs are distinct chips, as opposed to being integrated with a central processing unit (CPU) chip.

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Source Fool.com