Alphabet is developing and improving its competing AI product, the Tensor Processing Unit (TPU). It launched the sixth-generation TPU, Trillium, earlier this year. With five times more speed and 67% more energy efficiency, sixth-gen Trillium is a considerable leap over version five.

As a result, Broadcom and Nvidia are positioned to benefit for years as the AI industry expands from 2023's global market size of $136 billion to an estimated $827 billion by 2030. This is one reason owning shares in both is a great way to invest in the secular trend of AI.

The chip maker's shares have tended to pop after the Federal Reserve cuts interest rates, judging by data stretching back to 1999.

Looking for the best AI stock to buy right now? Never mind Nvidia; This tech titan could be a much better bet at the moment.