Artificial intelligence (AI) has gone viral since early last year, and it's easy to see why. This next-generation software can create original content, including text, video, and images, from just a few prompts. The technology also promises to revolutionize business by streamlining processes and increasing productivity.

As the primary maker of the high-end graphics processing units (GPUs) that provide the computing power that underpins this groundbreaking technology, Nvidia (NASDAQ: NVDA) has been one of the earliest beneficiaries of the accelerating adoption of generative AI. The company's revenue has grown by more than 100% year over year for three successive quarters, and another quarter of similar growth is on the way.

However, investors are beginning to look beyond hardware to the wave of AI software adoption to follow, and with good reason. According to a forecast by Bloomberg Intelligence, generative AI software sales are expected to surge to $318 billion by 2032, up 6,260% from just $5 billion last year.

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Source Fool.com