This chip stock is not only cheaper than Nvidia, but it is set to grow at a faster pace than the AI pioneer as well.

In the AI server space, Dell Technologies and Super Micro have also benefited from the data center boom, up 71% and 82%, respectively, in the past 12 months.

Chipsets known as graphics processing units (GPUs) are an integral component in the development of artificial intelligence (AI) applications. At the moment, Nvidia (NASDAQ: NVDA) holds an estimated 88% of the AI GPU market thanks to its industry-leading A100 and H100 GPUs.

Artificial intelligence has changed the approach towards various business operations. It has automated tasks, enhancing experiences and optimizing operations.&n

As of the end of the second quarter, Meta had nearly 3.3 billion daily active users (DAUs). That's a huge advantage for the company in many ways, but consider this: Meta is in a position to introduce its AI-powered features to roughly 40% of the world's population.

These stocks are trading at attractive valuations relative to their history, especially in light of their opportunities in the artificial intelligence space.