Growth stocks have been the driving force behind the gains of the S&P 500 in recent times. They have propelled the index into a bull market early in the year and continued to reach new heights. Many of these growth stocks are technology companies operating in the highly popular field of artificial intelligence (AI). If AI lives up to its promise of transforming business and daily life, these companies and their shareholders could reap significant rewards in the coming years.

Why Investors Are Piling into AI Stocks

This is why investors have been flocking to AI stocks over the past year or so. They hope to get in early on this transformative technology and maximize their gains. One stock that has emerged as a leader in the AI space is Nvidia. It dominates the AI chip market, generating triple-digit revenue growth into the billions of dollars and delivering a remarkable triple-digit stock price increase this year. The good news is that it's not too late to join this AI success story. Let's meet the supercharged growth stock that could make you a millionaire.

Owning a Diversified Portfolio

First, it's crucial to understand that when we talk about "making you a millionaire," we mean within the context of a diversified portfolio over several years. Betting everything on a single stock is too risky, regardless of how strong the company is. Therefore, you should invest in several quality stocks, including this particular growth stock, and hold onto them for at least five to ten years.Nvidia, for instance, has climbed an astonishing 2,600% over the past five years and is on track for a gain of about 190% this year. Its performance has likely already made some investors millionaires. Nvidia has been making headlines quarter after quarter with its massive revenue growth and profitability. In the most recent quarter, its revenue reached a record of more than $35 billion, with a gross margin in the mid-70% range. Even in the upcoming quarters, as it launches its major new product, the Blackwell architecture, it expects to maintain margins in the low-70% range. This is a remarkable achievement and a testament to Nvidia's financial strength.

Why Nvidia Stands Out in the Competitive Market

Nvidia arrived on the AI scene early with its graphics processing units (GPUs), which are powerful chips capable of processing multiple tasks simultaneously. These GPUs are ideal for AI applications, including crucial tasks such as training and inferencing of models. By the time its rivals launched their high-performance AI chips, Nvidia had already established a leading position. Thanks to its continuous focus on innovation, Nvidia is likely to maintain this advantage.Nvidia promises to update its GPUs annually, making it difficult for competitors to catch up. Currently, Nvidia is on track with what may be its biggest launch yet - the Blackwell architecture. This game-changing platform offers customizable components, ranging from chips to networking options. (Although Nvidia is often referred to as a chip designer, it actually offers a wide range of related products and services.) Demand for Blackwell has been "staggering," as the company stated during its latest earnings call. It is working hard to fulfill orders from customers, including the world's largest tech companies.These customers are willing to wait and pay a premium for Nvidia's platform because of its superior performance. They understand that by using the most advanced AI platform, they have a better chance of winning in the AI market.

Nvidia's Valuation and Future Prospects

Currently, Nvidia stock trades at 49 times forward earnings estimates. Considering all the factors we've discussed and the fact that we are still in the early stages of AI growth, this valuation appears reasonable. The AI market is expected to expand from $200 billion today to $1 trillion by the end of the decade, and Nvidia is well-positioned to benefit from this growth.As an investor, you can also benefit by buying this top AI stock and holding it for the long term. By doing so, you may set yourself on the path to potentially becoming a millionaire.Adria Cimino has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.