Shares of NVIDIA Corporation NVDA hit a new 52-week high of $41.00 on May 13, eventually closing at $40.98. The stock has delivered a strong one-year return of 92.4% and a year-to-date return of 24.3%. The average trading volume for the last three months aggregated approximately 9,326K.What is Driving the Stock Upward?NVIDIA’s shares have been on the rise ever since the company declared better-than-expected first-quarter 2017 results on May 12, 2016. Also, an encouraging second-quarter fiscal 2017 revenue outlook, solid cash flow and regular innovative product launches drove NVIDIA shares higher.The company posted earnings (including stock-based compensation but excluding other one-time items) of 39 cents per share for the quarter, up on a year-over-year basis. The Zacks Consensus Estimate was pegged at 31 cents.Revenues not only increased 13.4% year over year to $1.305 billion but also surpassed the Zacks Consensus Estimate of $1.267 billion. The year-over-year increase was primarily due to better-than-expected growth in GPUs gaming platform, high-performance computing, datacenter and Tegra automotive platforms.The graphic chip behemoth recently unveiled a super-fast graphics chip for deep learning that promises to make a splash in the artificial intelligence (AI) space. During its 2016 GPU Technology Conference, the company introduced Tesla P100, the most advanced accelerator.Apart from Tesla P100 GPU, the company also introduced its supercomputer — DGX-1 — tailor made for deep learning. DGX-1 combines two Intel INTC Xeon processors and eight Tesla P100 GPU accelerators with 16GB memory per GPU and capable of 170 teraflops of performance. These product launches act as a catalyst for the company.With respect to earnings surprise, this Zacks Rank #3 (Hold) stock has surpassed the Zacks Consensus Estimate in all the last four quarters with an average surprise of 57.9%.For the second quarter of fiscal 2017, NVIDIA expects revenues of approximately $1.35 billion (+/-2%). The Zacks Consensus Estimate is pegged at $1.276 billion. Non-GAAP gross margin is expected to be 58% (+/-50 bps). Non-GAAP operating expenses are expected to be approximately $445 million. Non-GAAP tax rate is expected to be 20% (+/-1%).An encouraging second-quarter outlook and a bright overall trend resulted in upward estimate revisions for NVIDIA. Over the last 60 days, 9 out of 14 estimates for NVIDIA were revised upward for fiscal 2017. The Zacks Consensus Estimate for fiscal 2017 went up 7.1% (10 cents) to $1.50.Moreover, the stock looks attractive from a valuation perspective. This is because NVIDIA currently trades at a forward P/E of 28.96x as against the industry group average of 113.20x, which signifies a huge downward potential.Nonetheless, competition from the likes of Intel and QUALCOMM Inc. QCOM remains a near-term headwind. Stock to ConsiderIn the broader technology sector, TiVo Inc. TIVO is worth considering, sporting a Zacks Rank #1 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report QUALCOMM INC (QCOM): Free Stock Analysis Report TIVO INC (TIVO): Free Stock Analysis Report INTEL CORP (INTC): Free Stock Analysis Report NVIDIA CORP (NVDA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research