Since the release of OpenAI's ChatGPT in November of last year, interest in artificial intelligence (AI)
increased dramatically, contributing to the market's explosive growth.
The expansion of the industry has helped countless companies,
which has caused the Nasdaq-100 Technology Sector index to rise 50% year to date.
Amidst all of the enthusiasm around AI, Nvidia (NASDAQ: NVDA) has emerged as one of the greatest beneficiaries
Due to its years of dominance in graphics processing units (GPUs),
which are essential to the development of AI models, the company was well-positioned to benefit
Nvidia's stock has increased 237% since January 1 along with the company's results.
While Nvidia has been one of the best investments in 2023,
there are better options going into the new year
Investors interested in AI might be better off now buying stocks in companies that are
earlier stages in their AI expansions and have more room for growth over the long term.