Investors on the hunt for stocks capable of taking advantage of the artificial intelligence (AI) chip boom probably don't have Lam Research (NASDAQ: LRCX) on their radar. However, a closer look at the company's prospects and the potential acceleration in its growth indicates that it really should be. This chip stock is on its way to capitalizing on a hot technology trend.

Still, a look at the stock's performance of late shows that some investors are clued into its potential. Shares of Lam Research headed higher after the company released fiscal 2024 second-quarter results (for the three months ended Dec. 24, 2023) on Jan. 24. The stock now sits on impressive stock price gains of 75% in the past year. That may seem a tad surprising, considering the pace at which its revenue and earnings declined this past year.

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Source Fool.com