The artificial intelligence (AI) craze sent shares of Nvidia (NASDAQ: NVDA) soaring in 2023. As many investors know, the chipmaker has benefited from the massive demand for its graphics cards, which are being used to train and power the large language models (LLMs) that underlay popular applications such as ChatGPT. The good news is that it is likely to sustain its terrific momentum in the new year as well.

However, the downside to Nvidia's surge is that it now carries a rich valuation. And given that it trades at 27 times sales and 64 times trailing earnings, value investors will likely be looking for alternative ways to capitalize on the AI boom. This is where Marvell Technology (NASDAQ: MRVL) comes in.

Shares of Marvell are up by 62% in 2023, which may seem a bit surprising at first given the chipmaker's tepid financial performances in recent quarters, when it faced headwinds due to weak spending by its data center and enterprise business customers.

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Source Fool.com