Nvidia captivated Wall Street last year as its business exploded amid a boom in artificial intelligence (AI). Its stock is up 224% year over year alongside soaring earnings. Increased interest in AI caused a spike in demand for graphics processing units (GPUs), with Nvidia best positioned to supply its hardware to the entire market.

The chipmaker likely has plenty of room left to run. However, explosive growth over the last 12 months has made it a slightly expensive investment option. As a result, many investors are now on the hunt for the "next Nvidia" -- a company with the infrastructure to meet rising chip demand and deliver significant gains similarly.

Advanced Micro Devices (NASDAQ: AMD) looks like a no-brainer alternative to Nvidia. The company has solid positions in many of the same industries and has held the second-largest market share in desktop GPUs for years. Meanwhile, this year, AMD will ship a new AI GPU designed to challenge Nvidia's offerings.

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Source Fool.com