Nvidia's (NASDAQ: NVDA) stock has shot up over 51,000% since it went public in 1999. And with its 45% rise year to date, it might feel like the best time to buy this tech stock is well past. However, Nvidia is a growth stock for a reason, with its crucial role in developing future technology likely to keep the company's shares rising for the long term.

Despite the significant rise in Nvidia's stock in 2023, its price is still 36% below the all-time high it hit in November 2021. The difference suggests there's still plenty of room for Nvidia's stock to grow for patient investors. Here's why it's not too late to buy shares in Nvidia.

Last year, Nvidia suffered one of its worst years as its stock plunged 50% throughout 2022. The declines came as macroeconomic headwinds reduced consumer demand for tech, with worldwide shipments for desktop graphics processing units (GPUs) plummeting by 42%. As Nvidia held an 88% market share in discrete GPUs in the third quarter of 2022, the decline in demand was detrimental to its financials.

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Source Fool.com