The big earnings beat from Nvidia Corporation ( NVDA ) on Thursday sent the stock soaring more than 6.5 percent. But perhaps more importantly than the short-term gain, Nvidia once again proved to skeptics that long-term investors can rely on the company’s secular growth trends even during one of the shakiest weeks the market has had in years.

Nvidia’s fourth-quarter earnings per share of $1.78 and revenue of $2.91 billion easily topped analyst expectations of $1.17 and $2.69 billion, respectively. It’s a pattern Nvidia shareholders have become accustomed to, and Bank of America analyst Vivek Arya says investors can count on that trend lasting for a while.

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Historically, semiconductor stocks have been particularly vulnerable during market downturns and prone to cyclical demand and pricing patterns. Nvidia , however, is relatively insulated from that risk thanks to its exposure to secular growth trends, including gaming, artificial intelligence and autonomous vehicles, Arya says, adding that Nvidia skeptics have a narrow view of the company as a standard chip maker.

“We see it as a platform company with a highly unique and leveragable architecture for some of the fastest growth markets in semis/technology, including gaming, AI [and] autonomous cars,” Arya says.

Bank of America projects at least 25 percent annual revenue growth for Nvidia , more than four times the growth rates it expects from its semiconductor peers. Arya says Nvidia has accomplished its impressive growth while maintaining a healthy balance sheet as well. The company currently has about $5 billion in net cash and expects free cash flow to grow 50 percent this year.

“NVDA’s execution has been ‘off the charts’ with average sales beats of 5 percent and EPS beats of 25 percent over the last few years,” Arya says.

Arya has named Nvidia his top sector stock pick but also recommends Skyworks Solutions ( SWKS ) and Marvell Technology Group Ltd. ( MRVL ).

Despite the huge quarter from Nvidia, some analysts remain hesitant to recommend the stock at its current price. Oppenheimer analyst Rich Schafer says Nvidia consistently clears a high bar, but there is limited upside for investors.

“We continue to marvel at NVDA's 41 percent fiscal 2018 revenue growth, but believe risk-reward remains balanced with shares trading over 30 times our [2019 earnings estimates],” Schafer says.

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Bank of America has a “buy” rating and $275 price target for Nvidia. Oppenheimer has a “perform” rating for NVDA stock.

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