Semiconductor stocks have captivated Wall Street since the start of 2023. Advances in the chip market have allowed dozens of other industries to take their technologies to the next level. Sectors like artificial intelligence (AI), cloud computing, virtual/augmented reality, consumer tech, self-driving cars, and more have all benefited from new chip designs from companies like Nvidia (NASDAQ: NVDA) and Advanced Micro Devices (NASDAQ: AMD). As a result, semiconductor companies have become some of the best options for investing in tech.

Nvidia's and AMD's stocks have climbed 782% and 132% since the start of 2023, when a boom in AI kicked off. Nvidia managed to get a headstart in the industry and was able to immediately begin supplying its chips to AI developers worldwide. Meanwhile, AMD required more time to produce competitive hardware.

However, AMD has made promising strides in AI in 2024 and could be on track to deliver significant gains in the coming years. It's one semiconductor stock that I predict will catch up to Nvidia's market cap of $3 trillion within 10 years.

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Source Fool.com