From Nasdaq:

Investors interested in AI may look beyond Nvidia to Taiwan Semiconductor (TSMC), which dominates the chip market, holding 61% of the third-party foundry market. Despite some geopolitical concerns, TSMC’s revenue is poised to rise by 22% this year, attracting investors and driving the stock price up by 55% in the last year.

Micron Technology (MU) is another player benefiting from the AI chip revolution, with its memory chips in high demand. The company saw a 16% revenue increase and aims for profitability amidst analyst forecasts of a 34% revenue jump in fiscal 2024. Investor optimism has driven the stock price to all-time highs, with a P/S ratio of 7.

For investors looking for AI opportunities, consider the top 10 stock picks recommended by Stock Advisor, which has a history of outperforming the S&P 500 since 2002. While TSMC may not be on the list, the selected stocks have the potential for significant returns in the future. Disclosure: Author holds positions in AMD and Intel, The Motley Fool holds positions in Apple, Nvidia, and TSMC.



Read more at Nasdaq: Forget Nvidia: 2 Artificial Intelligence (AI) Stocks to Buy Instead