Shares of Microchip (NASDAQ: MCHP) remain near all-time highs even though its primary customers in the automotive and industrial markets are in the midst of a slump. Clearly, investors are looking beyond some near-term pain and toward a new wave of growth at some point in the future for this Arizona-based chipmaker.

Microchip seems to be optimistic as well. It recently announced two small semiconductor business acquisitions for next-gen artificial intelligence (AI). Here's what investors need to know.

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Source Fool.com