Perhaps no company has benefited more from the boom in generative artificial intelligence (AI) than Nvidia, which has seen its stock price rise more than 200% over the past 12 months as customers hoard its hardware to run these complex applications.

But investors don't have to put all their eggs in one basket. Let's discuss why Advanced Micro Devices (NASDAQ: AMD) and Super Micro Computer (NASDAQ: SMCI) could also be excellent ways to bet on the opportunity.

Nvidia currently dominates the industry for AI-capable graphics processing units (GPUs), with a market share of over 80%. But with high prices and steadily growing demand, the opportunity is ripe for competition. In 2024 and beyond, AMD hopes to claim a slice of this valuable niche, potentially supercharging its long-term growth in the process.

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Source Fool.com