Nvidia (NVDA 1.75%) stock has slumped since hitting a 52-week high on Aug. 30. The September sell-off sent major indices and the stocks on them plunging and Nvidia was no exception, as shares of the graphics card specialist have declined 7% since Sept. 1.

NVDA Chart

NVDA data by YCharts

However, this could be a golden opportunity for investors to buy Nvidia stock. The stock's trailing price-to-earnings (P/E) ratio of 74 is lower than 2020's average of 85. The forward earnings multiple of 44 is also lower than last year's multiple of 46.

And given that Nvidia has turned a $1,000 investment made five years ago into $12,500 now -- a feat that it is capable of replicating -- investors hunting for a growth stock have multiple reasons to buy this chipmaker on the pullback. Let's look at the reasons why you should consider putting $1,000 into Nvidia stock right away. You could get almost five shares at the current price.

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The video gaming market will be a multiyear catalyst

Nvidia gets most of its revenue by selling PC (personal computer) graphics cards to gamers. The company clocked $3 billion in gaming revenue in the second quarter of fiscal 2022, which was 47% of its top line. Nvidia's gaming revenue shot up 85% year-over-year as the demand for its RTX 30 series graphics cards remained robust.

That's not surprising as Nvidia dominates the market for discrete GPUs (graphics processing units). According to Jon Peddie Research, Nvidia had 83% of the discrete graphics card market under its control in the second quarter of 2021. That's a great position to be in as Jon Peddie Research estimates that discrete GPUs could generate $44 billion in revenue by 2023, up almost 52% as compared to $29 billion in 2020.

The good part is that Nvidia could corner most of the incremental revenue opportunity in discrete graphics cards. That's because there are millions of users who are yet to upgrade to the company's RTX series cards.

Not surprisingly, the demand for Nvidia's latest GPUs is exceeding supply. Sales of the company's latest Ampere graphics cards ramped up at twice the pace of the previous generation Turing cards. Throw in the chip shortage, and it becomes clear why Nvidia says that GPU supply could remain constrained even in 2022.

What's more, the average selling price of the Ampere cards has increased 20% to $360 as compared to the previous generation cards. So, as more users upgrade to new cards from Nvidia, the company could enjoy a mix of stronger volumes and pricing.

The GPU market, however, isn't going to be the only growth driver for Nvidia's gaming business. The company has also made solid progress in the cloud gaming niche, an area that looks set to explode in the coming years. Newzoo estimates that the cloud gaming market could generate $6.5 billion in revenue by 2024 as compared to an estimated $1.6 billion this year. Nvidia's GeForce NOW gaming service has already clocked more than 10 million subscribers, which puts the company in a terrific position to take advantage of the opportunity.

All of this indicates that Nvidia's largest business is set for multiyear growth.

Don't forget this major growth driver

Nvidia has several growth drivers beyond gaming, such as the data center business that accounted for 36% of its revenue in the fiscal second quarter. Nvidia's data center revenue shot up 35% year-over-year in Q2 to $2.37 billion on the back of strong demand from hyperscale data centers.

The good news for Nvidia investors is that the demand for GPUs in data centers is expected to increase at an annual pace of 42% through 2027 and hit $20 billion in revenue, according to a third-party estimate. Just like the video gaming space, Nvidia reportedly commands a lion's share of the data center GPU market.

Technology research firm Omdia says that Nvidia cornered 80% of the market for artificial intelligence (AI) processors that are used in cloud computing and data centers in 2020. The chipmaker generated $3.2 billion in revenue from this segment in 2020, up nearly 78% over the prior year.

Omdia estimates that the market for AI processors used in data centers could jump ninefold by 2026 and exceed $37 billion. Nvidia is leaving no stone unturned to maintain its impressive market share in this vertical. The company has said it will be releasing a server CPU (central processing unit) in 2023, which will give it access to another lucrative space as the demand for data center CPUs is expected to increase at nearly 44% per year through 2027.

Meanwhile, Nvidia's data processing units (DPUs) have also gained impressive traction since being launched last year, with major names signing up to use those chips.

In all, the two pillars of Nvidia's outstanding growth -- video gaming and data centers -- still have a lot of room for growth in the coming years. Additionally, the company is making progress in other fast-growing niches such as connected and autonomous cars, another market that could add billions of dollars to its revenue in the long run.

Considering all these tailwinds, buying Nvidia's dip looks like a no-brainer, as it has all the ingredients of being a top growth stock for a long time to come.