When it comes to growth investing, finding businesses that can grow by leaps and bounds for decades to come is a dream. But that's what many popular artificial intelligence (AI) stocks today offer. If I could only buy one AI stock, the GPU manufacturer below would be it.
Nvidia is my top choice for every growth investor
In my opinion, every growth investor should be paying close attention to Nvidia (NVDA 0.77%). In fact, I think it should top your watch list of companies to consider investing in. That's because the company sits at the center of the AI revolution. The United Nations predicts AI spending will grow by more than 30% annually for the next decade. Most longer-term forecasts believe this growth should be sustained for many years to follow. Being at the center of this industry, therefore, is a great place to be.
Image source: Getty Images.
What makes Nvidia so special? It's the leading producer of GPUs -- specialized components that make most artificial intelligence and machine learning tasks possible -- for the entire AI industry. Many estimates believe the company has a market share of 90% or more. This dominant market share is fueled by early investment and a powerful software platform that keeps users embedded within Nvidia's ecosystem.
Nvidia is facing some short-term headwinds due to the ongoing trade war between the U.S. and China. But long term, there's no denying that the firm will benefit immensely from rising AI spending, a trend that could persist for quite a while. If you're new to growth investing, Nvidia needs to be one of the first companies you consider for your portfolio.
