Thanks to the rise of artificial intelligence (AI), Nvidia (NASDAQ: NVDA) stock has been one of 2024's biggest winners. The company's share price has skyrocketed 155% across this year's trading alone, and continued momentum for sales and earnings could help push its valuation even higher.

As eye-catching as Nvidia's big gains in 2024 have been, its long-term performance is actually far more impressive. The company has shifted from primarily being a designer of graphics processing units (GPUs) for video games to the leading provider of processors for data centers and AI. As a result, the tech pioneer has risen from a market capitalization of roughly $10.3 billion a decade ago to a market cap of more than $3.1 trillion today.

Nvidia stock has delivered a total return of more than 27,000% over the last decade. That means that if you invested $1,000 in the stock 10 years ago and held onto your position, your holdings would now be worth more than $271,000.

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Source Fool.com