3 AI Stocks Better Than Nvidia

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By Joey Frenette, InvestorPlace

Nvidia (NASDAQ:NVDA) has been the AI stock that has stayed hot over the past year, with its latest parabolic run taking it just shy of $1,000 per share. Undoubtedly, there’s plenty to look forward to as the newest AI chips come out of the pipeline to feed unprecedented demand. As the ultimate “pick and shovel” way to play the AI boom, one that’s probably far from over, it certainly makes sense to add to a position on any dips between now and year’s end.

Recently, Nvidia stock has been finally showing signs of rolling over, dipping by nearly 20% from its $950 and change all-time high. Though nothing fundamental has changed in the past few weeks that caused Nvidia stock to slip, I think investors are becoming a tad more value-conscious and perhaps more skeptical of scorching momentum.

While the recent NVDA stock correction may prove a wise long-term buying opportunity, the fact remains that an 20% pullback is a tiny blip in the one-year chart! And with a lofty 64x trailing price-to-earnings (P/E) multiple, there may be a better entry point for patient investors. Here are three AI stocks I’d rather own over Nvidia as the AI trade rolls over some potholes.

Intel (INTC)

Intel (NASDAQ:INTC) sees itself as a serious contender in the AI race, even if most analysts and investors aren’t buying it. The stock has been on a painful downward spiral in recent months, nosediving more than 31% off its 52-week high of just shy of $51 per share.

Undoubtedly, the old-time semiconductor firm seems to be sparing no expense when it comes to building out new foundries and developing next-generation AI chips.

Undoubtedly, there is some concern over the price tag of some of the company’s aggressive foundry development plans. It’s costing more than expected and is adding to the firm’s recent losses. And with recent delays in its Ohio-based foundry, investors are starting to get a bit impatient with the long-time laggard.

There’s been no shortage of disappointment when it comes to Intel lately. However, the stock offers a pretty enticing price of admission to investors who view the firm’s AI accelerators as having a puncher’s chance against the competition.

Intel’s much-anticipated and more power-efficient Gaudi 3 AI chip was unveiled a few weeks ago, and once it hits the market, it may begin to nibble at the heels of Nvidia’s H100. I think too many are underestimating Gaudi’s potential.


AMD (NASDAQ:AMD) is more than just Nvidia’s younger cousin; it’s a company that wants a better position in the AI race. And it may very well have its way as it continues investing heavily in its latest GPUs. Though I still like Nvidia for the long term, I’m more enthused by the entry point of AMD stock after enduring more punishment since its early-March peak. The stock is down just shy of 27% from its peak, a nice entry point, so say some analysts.

HSBC analyst Frank Lee hiked its rating on AMD stock to Buy from Hold, citing the potential for the next generation of AI chips to compete with Nvidia’s Blackwell line. Specifically, Lee highlights MI350, MI375, and MI400 as the chips to watch going into the second half of 2024.

Lee is right. AMD is no slouch when it comes to AI chips. And while we’re all hyped about Nvidia’s Blackwell chips, I do think many investors are sleeping on AMD’s comparables.


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Snowflake (SNOW)

Finally, we have a software AI play in Snowflake (NYSE:SNOW), which is fresh off a devastating, likely overdone, crash that came after a rough quarterly guide and a sudden CEO change.

The stock is now down more than 37% from its February 2024 peak. With the market cap back below $50 billion, numerous unanswered questions have investors and analysts rushing to the sidelines, most notably how Snowflake’s new CEO will steer the company in the age of AI.

Amid the snowslide, though, some analysts, including Rosenblatt Securities, are turning bullish. Rosenblatt sees slower sales growth but sees the ecosystem as healthy. Indeed, I agree with the bullish turn after the nasty sell-off, which hopefully is nearing its end.

Moving ahead, I expect new CEO Sridhar Ramaswamy will have a lot to prove to the world as Snowflake as he focuses heavily on AI innovation, which is likely required to re-accelerate growth.

On the date of publication, Joey Frenette did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Joey Frenette is a seasoned investment writer specializing in technology and consumer stocks. Contributing to the Motley Fool Canada, TipRanks, and Barchart, Joey excels in spotting mispriced stocks with long-term growth potential in a fast-paced market.

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