Technology stocks are having a great few months as investors regain confidence in this sector thanks to new catalysts such as artificial intelligence (AI). This goes part way to explaining why the tech-laden Nasdaq-100 Technology Sector index is up a solid 45% in the past year.

Nvidia (NASDAQ: NVDA) played a central role in driving the impressive surge in tech stocks. Shares of the graphics card specialist have tripled over the past year thanks to AI. The company will release its fiscal 2024 fourth-quarter results later this month, and analysts expect Nvidia's revenue to increase a solid 119% year over year to $59 billion. What's more, Nvidia's earnings are set to jump from $3.34 per share in fiscal 2023 to $12.30 per share in fiscal 2024 as per consensus estimates.

Even better, Nvidia could sustain its healthy stock market momentum as analysts have been raising their growth estimates thanks to the company's dominant position in AI chips. That could lead to eye-popping multiyear growth for the company.

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Source Fool.com