Editor’s note: This column is part of our Best Stocks for 2018 contest. Louis Navellier’s pick for the contest is Nvidia Corporation (NASDAQ:NVDA).

One of the top questions I receive regularly is: “How high can Nvidia Corporation (NASDAQ:NVDA) go?” My response is always, “NVDA stock can go much, much higher!” Honestly, the sky is the limit for Nvidia, and that’s why it’s my top stock for 2018.

Nvida is a leading computer graphics company that has been in business for nearly 25 years. But here’s what NVDA stock is most well-known for: At the height of the tech boom back in 1999, the company invented the GPU, or graphic processing unit. Simply put, GPUs are electronic circuits that rapidly increase the production of images on electronic devices.

Nvidia’s GPUs revolutionized computer gaming graphics back in 1999 — and the company has been revolutionizing the technology industry ever since. In fact, in 2006, the company created its CUDA programming model and Tesla GPU platform, which established more accessible and energy-efficient computing for data centers around the world.

NVDA Stock Will Keep Running Higher

Today, NVDA’s GPUs are used in everything from mobile phones to video games, from robots to self-driving cars. And speaking of the latter, the company is focusing a lot of attention and resources on artificial intelligence. AI is invading practically every industry, but the one that’s really interesting for many NVDA stock owners is autonomous cars.

Nvidia has developed a computer platform that brings the cloud to the car, as well as a software package with autonomous applications — all with the goal of creating self-driving vehicles. And some of the top automakers in the world are lining up to help the comapny revolutionize the auto industry.

I’m talking about Audi AG (OTCMKTS:AUDVF), Mercedes-Benz, Tesla Inc (NASDAQ:TSLA), Toyota Motor Corp (ADR) (NYSE:TM) and Volvo AB/ADR (OTCMKTS:VLVLY).

So, is it any wonder that NVDA is making money hand over fist? In the company’s third quarter in fiscal year 2018, total sales soared 31.5% year-over-year to $2.64 billion, which topped estimates for $2.36 billion. Adjusted earnings-per-share surged 60.2% year-over-year to $1.33, beating estimates for $0.94-per-share by 41.5%.

But what’s even more impressive about NVDA stock are the forecasts for the foreseeable future. Take the company’s fourth quarter, for example. The analyst community is looking for 22.4% annual sales growth and 16.2% annual earnings growth. And analysts are constantly upping EPS estimates. Estimates have been revised more than 17% higher in the past month alone!

Bottom Line on NVDA

NVDA stock also has a history of rewarding its shareholders. The company has paid a quarterly dividend for five-straight years, and it has gradually increased this dividend over this time. In fact, Nvidia has doubled its dividend from $0.075-per-share in 2012 to $0.15-per-share in 2017. And at current prices, NVDA stock has a 0.3% dividend yield.

Now, I would be remiss not to mention that Nvidia shares did pull back along with the rest of the technology sector in late November and early December. But I view this dip as a great buying opportunity.

When you consider Nvidia is at the forefront of artificial intelligence and factor in its superior fundamentals and ability to reward shareholders, it’s easy to see why NVDA stock could climb to $300, or more than 50% higher from current prices, in the New Year.

Clearly, Nvidia is my top tech pick for 2018.

Louis Navellier is a renowned growth investor. He is the editor of five investing newsletters: Blue Chip Growth, Emerging Growth, Ultimate Growth, Family Trust and Platinum Growth. His most popular service, Blue Chip Growth, has a track record of beating the market 3:1 over the last 14 years. He uses a combination of quantitative and fundamental analysis to identify market-beating stocks. Mr. Navellier has made his proven formula accessible to investors via his free, online stock rating tool, PortfolioGrader.com. Louis Navellier may hold some of the aforementioned securities in one or more of his newsletters.