Look, I know it's hard to set Nvidia aside when discussing artificial intelligence (AI). Its stock has surged 241% this year, catapulting the company to a $1.2 trillion valuation almost entirely on sales of its AI data center chips alone.

But here's the thing. Cathie Wood, who leads Ark Investment Management, says for every $1 in semiconductor hardware Nvidia sells, AI software companies are going to generate $8 in revenue. It makes sense because software scales far better than hardware; it can be developed once and sold an unlimited number of times.

With that in mind, here are two stocks that might be better buys than Nvidia in 2024.

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Source Fool.com