Semiconductor stocks are among the hottest choices for artificial intelligence (AI) investors right now. While companies such as Nvidia, , and Broadcom often garner outsize attention in the chip space, smart investors realize that there are other opportunities that present potentially lucrative returns over the long run.

Recently, Lee Simpson of Morgan Stanley upgraded his price target for Arm Holdings (NASDAQ: ARM) to $190 -- implying roughly 27% upside from trading levels as of market close on July 26.

Let's dig into how Arm is making waves in the chip space and assess how the company stands to benefit from the ongoing AI boom.

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Source Fool.com