Shares of Nvidia (NASDAQ: NVDA) have shot up an impressive 121% in 2024, and there is a good chance that they will continue to rally higher following its latest results for the first quarter of fiscal 2025 (which ended on April 28, 2024) as the company's guidance clearly indicates that its red-hot growth is here to stay.

Nvidia is expecting its revenue to more than double on a year-over-year basis in the current quarter to $28 billion from the year-ago period's reading of $13.5 billion. Analysts are also expecting its bottom line to jump 134% year over year in the current quarter to $6.33 per share. The good part is that Nvidia's terrific earnings growth could continue thanks to its solid pricing power and market share in the booming artificial intelligence (AI) chip market.

However, certain investors may be wary about paying a rich 64 times earnings to buy Nvidia stock now even though it may be able to sustain its red-hot rally. Those investors can consider buying (NASDAQ: MSFT). Shares of the software and cloud-computing giant are up only 10% so far this year and can be bought at 35 times earnings right now, which is a big discount to Nvidia's earnings multiple.

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Source Fool.com