Nvidia has surged to the top, becoming the most bought stock on Wall Street after artificial intelligence tool ChatGPT conquered the world, Bloomberg writes.

The chip maker’s stock has surged 29% since the start of the year, making it the top performer in the S&P 500 index, all thanks to the hype surrounding a chatbot released by OpenAI late last year that demonstrated an uncanny ability to mimic human responses to questions.

Nvidia has long dominated the market for graphics chips designed for the complex computational tasks required for AI applications. The more people who use ChatGPT, the more processing power its OpenAI owner needs to generate responses to millions of queries.

On Monday, Microsoft Corporation (NASDAQ:MSFT) announced that it is investing a total of $10 billion in OpenAI over the next few years, which OpenAI needs to increase its computing power and will likely only increase demand for Nvidia’s chips. Nvidia’s stock jumped 6.5% after this news.

Thanks to the rapid demand for ChatGPT, Nvidia’s sales will be between $3 billion and $11 billion in 12 months.

According to analysts at Bank of America (NYSE:BAC), Nvidia is at the forefront of companies that will benefit from the rise of AI. Wells Fargo & Co (NYSE:WFC). also said that Nvidia’s future chips are well positioned to take advantage of the higher computational needs required by AI models such as ChatGPT.

However, Nvidia investors and those invested in other semiconductor makers in late 2021 know that the promise of continued growth may prove to be an illusion, as Nvidia shares have lost nearly half their value since peaking in November 2021. Despite the selloff, they remain among the most expensive in the Nasdaq 100, and they are priced at about 41 times projected earnings over the next 12 months, well above average.

Analysts forecast the stock to rise 13% to $200.68 over the next 12 months, based on the average target price.