Many investors beat themselves up for having missed Nvidia, prompting a search for the next stock that could replicate the growth. Now, finding the "next Nvidia" is nearly impossible, but one thing to remember is that investors don't necessarily need another trillion-dollar winner to actually make money in the stock market. Even now, several companies already occupy critical positions in the AI supply chain, giving them exposure to the same long-term trends that transformed Nvidia into one of the world's most valuable businesses.
Below is a deeper look at five stocks that could still offer compelling upside to bring notable gains to any portfolio.
Micron Technology (NASDAQ: MU)
Current Price: Approximately $1,250
Past 12-Month Performance: +300%
Company History
Founded in 1978 in Boise, Idaho, Micron grew from a small semiconductor startup into one of the world's three dominant memory-chip manufacturers. Today, it produces DRAM, NAND flash memory, and High-Bandwidth Memory (HBM), components that have become indispensable for AI servers.
Unlike Nvidia, which designs AI processors, Micron manufactures the memory chips that those processors rely on. What a lot of people don’t know is that every AI server requires massive amounts of HBM, and demand has far exceeded supply. With the chip shortage rocking the market, Micron is one of the few stocks that are uniquely positioned to benefit greatly from the rising demand.
This supply shortage could drive it to become one of America's most profitable companies behind Nvidia and Alphabet, especially as HBM production is reportedly sold out through 2026. With AI infrastructure spending expected to remain elevated for years, Micron is expected to be one of the biggest beneficiaries. Thus, the company is still at an attractive value because earnings growth has already outpaced the stock price.
Advanced Micro Devices (NASDAQ: AMD)
Current Price: Approximately $460
12-Month Performance: Nearly +90%
Company History
AMD was founded in 1969 and spent decades competing against Intel in CPUs before becoming Nvidia's primary challenger in AI accelerators. Its MI350 and Instinct GPU families are now winning contracts from hyperscale cloud providers seeking alternatives to Nvidia.
Currently, AMD is one of the few companies capable of competing across a range of CPUs, GPUs, and AI accelerators. It also boasts partnerships with the likes of Microsoft, Oracle, Meta, and OpenAI continue expanding its enterprise footprint. It is important to note, though, that AMD remains well behind Nvidia in the AI accelerator market share, so even modest gains could translate into billions of dollars in additional annual revenue.
Broadcom (NASDAQ: AVGO)
Current Price: Approximately $160
12-Month Performance: Roughly +35%
Company History
Originally established in the 1960s, Broadcom evolved into one of the world's largest semiconductor companies through acquisitions and innovation. Today, the company produces networking chips, custom AI processors, storage controllers, and enterprise software.
Behind the scenes, Broadcom is quietly becoming one of AI's biggest winners, making it an underdog. Its custom AI chips have already generated over $8 billion in quarterly revenue and continue growing rapidly as cloud providers develop proprietary processors instead of relying solely on Nvidia GPUs. It is also a stock that pays a dividend, making it attractive for investors seeking both growth and income at the same time.
With demand for AI networking equipment already accelerating alongside data-center expansion, Broadcom could be positioned to take advantage of multiple long-term revenue drivers.
Vertiv Holdings (NYSE: VRT)
Current Price: Approximately $195
12-Month Performance: Around +100%
Company History
Founded in 2016 after Emerson Electric spun off its network power division, Vertiv specializes in mission-critical infrastructure. Its main products include cooling systems, backup power, racks, and liquid-cooling technology for hyperscale AI data centers.
Its unique value proposition lies in the fact that every AI server generates enormous heat. Without these advanced cooling systems, Nvidia's powerful GPUs cannot operate efficiently, making the likes of Vertiv Holdings the backbone of the operations. Even as data centers become more power-intensive, Vertiv's infrastructure is expected to become increasingly valuable.
Arista Networks (NYSE: ANET)
Current Price: Approximately $165
12-Month Performance: Around +80%
Company History
Founded in 2004, Arista designs ultra-fast Ethernet switches used by hyperscale cloud providers including Microsoft, Meta, and major AI operators. Its networking equipment moves enormous volumes of AI data between GPU clusters presently.
Its technology is used in training large language models that require thousands of GPUs communicating almost instantly. Given this, Arista's high-speed networking hardware has already become an essential component inside modern AI data centers. As AI clusters grow from thousands to hundreds of thousands of GPUs, networking becomes increasingly important, and Arista remains one of the highest-quality AI infrastructure businesses outside Nvidia.
The chart below shows the risk level of each asset, as well as the possible reward levels.
Unlike Nvidia, these companies trade at a fraction of their market capitalization, giving them more room to outperform if AI spending continues expanding over the next decade. While none is guaranteed to replicate Nvidia's extraordinary rise, all five possess strong competitive advantages, growing AI revenue streams, and exposure to one of the fastest-growing technology markets in history.