Investors searching for oversold tech stocks to buy on the cheap should have semiconductor company Nvidia (NASDAQ:NVDA) high on their wish list. NVDA stock has been beaten down so badly, that it looks like it has been left for dead.

In fact, NVDA stock is down 47% year-to-date and currently scrapping along near a 52-week low of $150 a share. While analysts and investors continue to worry about slowing demand and supply chain bottlenecks related to the semiconductors, microchips and graphics processing units (GPUs) made by Nvidia, the macroeconomic headwinds can’t obscure the fact that Nvidia remains the global leader when it comes to semiconductor and microchip technologies and innovation.

Nothing has changed to impact Nvidia’s financial performance or long-term growth potential.

Bad Reviews

The relentless market selloff (we’ve officially had the worst first half to any year since 1970) has been hard on NVDA stock and pulled it lower in recent months. However, NVDA stock has also taken a few body blows from a spate of bad news related to the company and its products.

Case in point, Nvidia’s new low-cost GTX 1630 graphics card, which the company issued with little fanfare recently. The GTX 1630 card has drawn scathing reviews from critics and generated disappointment among consumers. A review published by technology website Gizmodo said that the GTX 1630 isn’t good for gaming, which is typically what Nvidia’s graphics cards are used for. The GTX 1630 appears to be a rare miss for Nvidia.

Another blow to Nvidia and its shareholders was the cancellation of the company’s planned $40 billion acquisition of Britain’s Arm Limited, which was scuttled due to a lack of support among regulators around the world. A lot of value from the Arm deal was built into NVDA stock when it was trading near $350 a share last year. Once the acquisition was declared null and void, many analysts wondered aloud what would be next for Nvidia, and how the company will maintain the torrid pace of growth that investors have come to expect.

Nvidia has not announced any new acquisitions in the months following the termination of the Arm purchase.

Huge Demand

Acknowledged problems aside, there remains huge demand for Nvidia’s various semiconductors, microchips and processors. These products are widely used, not only in gaming, but also in data centers and the automotive industry worldwide. The data center business, in particular, is exploding for Nvidia and was the company’s biggest source of revenue in its fiscal 2023 first quarter that ended on May 1. The data center unit earned $3.75 billion in revenue, up 83% year-over-year. Nvidia currently dominates the data center sector with an 80% market share. The company has forecast that the data center market could generate $30 billion in annual revenues for it by 2025.

Also, Nvidia is expanding into central processing units (CPUs), which has an addressable market estimated at $42 billion. The company is planning to launch its new “Grace” data center CPUs next year (2023), opening a whole new revenue stream that should give Nvidia’s already fast growing business an additional shot of adrenaline.

Other growth areas for the company include cryptocurrency mining and artificial intelligence (AI), both of which use its semiconductors and microchips to power their operations. Self-driving vehicles, digital-world creation and edge computing are a few of the reasons why research firm McKinsey forecasts that the worldwide market for semiconductors will grow to $1 trillion by 2030 from $600 billion this year.

Buy NVDA Stock As It Falls

Buying into a market selloff is never easy. It can be psychological torture to buy a stock as it continues falling. But that is exactly what investors should do with Nvidia, keeping in mind that as the price falls they are buying the stock at a discount.

Investors should also remember that the lower the price at which they buy Nvidia stock, the more money they will make when the market rebounds and Nvidia’s shares climb higher, fueled by sustained demand for its various technologies. Despite the current pain, NVDA stock remains a buy.

On the date of publication, Joel Baglole held a long position in NVDA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.