Artificial intelligence (AI) has supercharged semiconductor stocks in 2023, which is not surprising as the proliferation of this technology opened up a whole new revenue opportunity for companies that produce them.

After all, the AI chip market is anticipated to generate an eye-popping $304 billion in annual revenue in 2030, according to Next Move Strategy Consulting. That's going to be a big jump over last year's revenue of just less than $29 billion.

Advanced Micro Devices (NASDAQ: AMD) has started scratching the surface of the AI chip opportunity. The company said on its latest earnings conference call that it expects AI chips to contribute $400 million in revenue in the current quarter. In 2024, AMD is currently anticipating $2 billion in AI-fueled revenue.

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Source Fool.com