The rush to secure AI data center capacity has been a big boon for this company that's now sitting on a massive revenue backlog.

Artificial intelligence (AI) stocks have played a central role in the broader market's rally in the past three years. That's not surprising, given that the rapidly growing adoption of this technology led to a sharp increase in the revenue and earnings for several companies.

Nvidia ( NVDA 1.04% ) is one of the biggest winners of this AI boom. Its share prices shot up 1,400% during this period, far outpacing the 81% gains clocked by the S&P 500 index. But this rapid rise in the past three years has made Nvidia stock tremendously expensive.

It is now trading at 28 times sales, a significant premium to the Nasdaq Composite index's average sales multipl

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