Generative artificial intelligence (AI) technology is expected to positively impact multiple industries in the long run, creating a massive annual revenue opportunity worth $1.3 trillion in 2032, according to Bloomberg Intelligence.

Nvidia has been the go-to stock for investors looking to capitalize on this lucrative market. Shares of the company have jumped 205% in the past year as the solid demand for its graphics cards has led to a terrific increase in its revenue and earnings. That's not surprising as Nvidia's graphics processing units (GPUs) form the basic building blocks for training AI applications because of their immense computing power.

As it turns out, the demand for Nvidia's graphics cards is so strong that customers are reportedly waiting for as long as a year to get their hands on the company's hardware. Not surprisingly, Nvidia is expected to deliver another year of terrific growth and its stock could keep rising thanks to the company's dominant share of the fast-growing AI chip market.

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Source Fool.com