With Nvidia's (NASDAQ: NVDA) stock price up by a jaw-dropping 214% year to date, its shareholders have been laughing all the way to the bank. And the rally isn't just powered by hype -- the iconic chipmaker has already seen a substantial boost to its revenue from increased demand related to the growing use of generative artificial intelligence (AI). But this booming stock is still a no-brainer buy in November and beyond.

According to a Bloomberg Intelligence study, generative AI could become a $1.3 trillion market by 2032. And some of that growth will involve the building of the hardware infrastructure necessary to train these complex systems. Nvidia is and will remain a natural beneficiary of this trend because of its focus on graphics processing units (GPUs), which excel in providing the computing power for AI training because of their ability to handle multiple tasks simultaneously (parallel processing).

Nvidia has a clear lead in that market. OpenAI used its A100 GPU to train ChatGPT, and its newer H100 is among the world's most sought-after hardware -- tech giants like and Microsoft are purchasing huge numbers of those chips to build their AI capabilities. But this may only be the beginning of Nvidia's long-term opportunity.

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Source Fool.com