The Street | Jim Cramer, trusted analysts are raving over one incredible tech stock

This tech stock is up more than 220% so far for the year. Its rise over the past few months has been meteoric.

by IAN KRIETZBERG

When Nvidia  (NVDA) - Get Free Report launched itself into a trillion-dollar market cap last quarter on the tail of an explosive earnings report, the biggest question on investors' minds was whether the semiconductor company would be able to do it again. Turns out, CEO Jensen Huang was able to make magic happen twice. The chip-makers reported adjusted second-quarter earnings Wednesday of $2.48 per share, 10 times higher than last year and well above analyst estimates of $2.08.

The company reported $13.5 billion in revenue for the quarter, smashing analyst expectations of $11.2 billion. It said that it expects to see $16 billion in revenue for the current quarter, handily above Street expectations.

The stock shot up more than 7% in after-hours trading and is now set to open at an all-time high.

Jim Cramer, a longtime fan of the chip-makers, called the earnings "stunning," saying: "I always tell you you should own Nvidia, don't trade it."

Own it, don't trade it seems to have become something of a theme around Nvidia. Main Street Research's investment chief, James Demmert, said: "this is a company that you've got to own in this new tech bull market. This is the leader."

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