Nvidia Faces New AI Chip Competition in 2024 from AMD, ACM Research, and Taiwan Semiconductor
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Nvidia was the top performing AI chip stock in 2023, but faces new competition in 2024 from companies like AMD, ACM Research, and Taiwan Semiconductor.
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AMD launched new AI accelerators in December that could pose a threat to Nvidia's dominance. AMD's acquisitions in AI software also position it for growth.
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ACM Research is a lesser known supplier of semiconductor cleaning machines that enables more advanced AI chips. It saw strong growth in 2022 and has room for more.
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Taiwan Semiconductor manufactures chips for many top tech companies and is increasing capacity to meet AI demand. As a chip manufacturer, it benefits from growth across the industry.
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Chip stocks broadly are expected to recover in 2024, so the entire sector could see gains. But AMD, ACM Research, and Taiwan Semiconductor look well-positioned to potentially outperform leader Nvidia.