1 Artificial Intelligence (AI) Stock to Buy Now That Could Soar Like Nvidia

With the launch of Open AI's chatbot, ChatGPT, artificial intelligence (AI) technology has taken the investment world by storm. And few companies have benefited more than the tech giant Nvidia, which is up by a whopping 218% year to date. But Advanced Micro Devices (NASDAQ: AMD) also stands to benefit from this opportunity. Let's discuss why it could make an excellent alternative for value-focused investors.

AI might be a transformational tech megatrend -- just like the internet and smartphones. And it is growing quickly. According to data provided by Statista, the global AI market could reach a whopping $2 trillion by 2030 as businesses implement the technology in use cases ranging from supply chain optimization to product development. But just like with the internet (and the dot-com bubble that followed it), not every company that seeks to capitalize on the AI opportunity will stand the test of time.

To minimize risk, it makes sense for investors to bet on companies that take a picks-and-shovels approach to the gold rush. In other words, the ones supplying the infrastructure and support that other companies need to build out their more consumer-facing applications.

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Source Fool.com