Interest in artificial intelligence (AI) has skyrocketed since the start of 2023, with the launch of OpenAI's ChatGPT kicking off a boom in the industry. As a result, many tech stocks have enjoyed significant gains over the last 12 months as investors have grown bullish over the generative technology.

Increased demand for AI services has put a spotlight on chipmakers, highlighting the crucial role they have to play in the market's development. These companies are producing the hardware that makes AI possible, with chip demand soaring since last year.

Nvidia (NASDAQ: NVDA) has been at the forefront of the AI chip industry, with its leading role in graphics processing units (GPUs) allowing it to get a head start in AI. Meanwhile, a competitor like (NASDAQ: INTC) has had a slower start in AI, using the last year to develop chips to rival Nvidia's offerings.

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Source Fool.com