2024 has been quite the year on Wall Street so far. After an epic emergence from the bear market, the artificial intelligence (AI) boom has investors seeking out "what's next." Remarkably, even though Nvidia (NASDAQ: NVDA) -- still the bellwether stock of the AI trend -- is up over 80% year to date, a few companies (like Super Micro Computer (NASDAQ: SMCI) and Vertiv Holdings (NYSE: VRT), to name just two) riding its coattails are up by even more.

If you fear you've missed out, but have even greater fear (rightfully) of chasing the hottest stocks, there could be a solution. The Vanguard Information Technology ETF (NYSEMKT: VGT) has a long track record of market-obliterating performance. Here's why it could still be an ultimate long-term growth investment.

This exchange-traded fund is a passively managed market-cap-weighted basket of U.S.-based tech stocks. In simple terms, that means there's no active management team constantly choosing which stocks to buy and sell for the Vanguard Information Technology ETF. Rather, all stocks that are classified as tech (as outlined by the technology index from financial data company MSCI upon which VGT is based) are purchased and allowed to do their thing without any tampering.

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Source Fool.com