Nvidia (NASDAQ: $NVDA) has had a remarkable year, with its stock price soaring 220% fueled by the booming artificial intelligence (AI) market. This performance has caught the attention of TD Cowen analyst Matthew Ramsay, who has named NVDA his top overall stock pick for 2024.

AI Chip Dominance

"No need to overthink this," Ramsay declared in a note to clients, emphasizing the company's strong position in the nascent but rapidly growing AI space. He sees the companies dominance in AI computer chips as a driver of its future growth and profit.

The optimism is supported by Nvidia's recent financial results. Nvidia's business is booming! Their sales more than doubled last quarter, reaching a whopping $18 billion. This is thanks to their powerful graphics chips, which are essential for artificial intelligence (AI). And things are only getting better, with Nvidia expecting to sell even more in the next quarter.

Ramsay thinks Nvidia's strong position in AI, combined with their innovative technologies and big investments, will keep their growth going strong for years to come. He anticipates "an accelerated product-introduction schedule, and innovation across hardware and all aspects of the AI product line - training, inference, and data processing."

2024 Stock Run

Despite its impressive stock run, Ramsay sees further upside potential for Nvidia. Ramsey believes Nvidia's future is bright! The potent combination of positions Nvidia has not only capitalizes on the burgeoning AI market but also pushes the boundaries of innovation further in other chip areas.

While some may hesitate due to the company's impressive growth and current valuation, Ramsay believes there's still significant room for Nvidia to move. He views the "enormous" and "early-stage" AI market as an opportunity for Nvidia to strengthen its leadership position and earn substantial rewards.

With its leadership in AI chips, in combination with a commitment to new innovation, Nvidia presents a compelling proposition for investors seeking long-term growth in a single stock. As the AI revolution unfolds, Nvidia's trajectory suggests a future of continued dominance and handsome returns for its loyal investors.

I'm Buying Nvidia Stock (NVDA) Even at All Time Highs - Here's Why