NVIDIA Corporation (NASDAQ: NVDA) reported earnings last Thursday and it came as no surprise that they were way better than expected — again.

NVDA makes graphics processing units (GPUs), basically chips and cards that are built for processing images and data very quickly. This used to be a niche market and the big chip makers had a large share of the laptop and desktop market because not everyone was looking for a killer graphics card.

But as computing speeds increased and mobility became a key factor in the demands on computers, powerful GPUs’ demand grew.

Add to that the fact that video games have become ever more realistic (more data) and gamers want their action in real time (faster data). And NVDA is THE gaming GPU.

Much of this adds up to NVDA’s core market at this point. But we are at a major point of inflection for GPU makers in general and NVDA in particular.

Virtual reality (VR) and augmented reality (AR) are starting to become real sectors at this point. Up to now, these have been whiz-bang, pie-in-the-sky concepts that were far off on the horizon. That horizon is now in front of us.

A number of major companies are starting to sell VR and AR headsets. And these aren’t early adopter models that have 4-digit price tags. These are becoming relatively affordable headsets. What’s more, gaming companies are building more and more AR and VR games.

This is a huge honey pot for NVDA since it is the premier high-performance GPU maker in the world.

Add to this the new cryptocurrency boom. To get new crypto coins, you have to ‘mine’ them. That basically means you have to have a computer or computers that are running mining algorithms until they unearth a coin.

The more coins that are mined, the harder it is to find the remaining coins. Without going into too much detail, most cryptocurrencies have a maximum amount of coins that can be mined — think of it like mining for gold, there’s only so much available. So as the number of unearthed coins diminishes, more computing power is needed to get to those that remain.

So it should come as no surprise that NVDA chips are very popular with currency miners. This is what helped launch their recent earnings numbers. But there’s expectations that this huge boost in demand isn’t sustainable and that in coming quarters it will slacken considerably.

That’s no concern to NVDA however. Gaming remains strong. Cloud computing, another major sector that uses NVDA products is also continuing to grow. Driverless and smart cars are hitting some headwinds but are on a growth path. And the Internet of Things — the interconnected or networked world of devices — is becoming a reality.

All these technologies are the prime stomping ground for NVDA and it is continuing to dominate as these sectors expand.

NVDA stock is up over 90% in the past year, yet it’s trading at a PE of 41. That is a stunning sign that even with its outsized growth as a company sporting a nearly $150 billion market cap, it is still undervalued. NVDA stock is a gift that keeps on giving.

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.