1 Hot Stock That's Crushing the Market and Could Win Big From Artificial Intelligence (Besides Nvidia)
Semiconductor stocks have been in raging form on the market this year. The PHLX Semiconductor Sector index gained a whopping 44% in 2023, which is not surprising as companies in this sector received a big lift from the growing adoption of artificial intelligence (AI) applications.
After all, semiconductors are going to drive the adoption of AI. From graphics cards used for training large-language models to field-programmable gate arrays (FPGAs) and application-specific integrated circuits (ASICs) for AI inference tasks, various kinds of chips are needed to make AI applications such as chatbots and search engines work.
This explains why Nvidia has been a big winner on the stock market in 2023 with astounding gains of 205%. Shares of the graphics card specialist lifted the semiconductor sector big time this year, and Lam Research (NASDAQ: LRCX) is one stock that benefited from this surge despite being in turmoil.
Source Fool.com
