The semiconductor industry has been a mixed bag in 2023. Companies producing chips for personal computers and gaming experienced a slowdown because consumer spending is under pressure from high inflation and rising interest rates. However, demand remains strong for data center chips, especially those capable of processing artificial intelligence (AI) workloads. 

Nvidia, for example, is heavily focused on that segment of the semiconductor market, and the 215% gain in its stock price this year reflects that. But Micron Technology (NASDAQ: MU) is also building a presence in AI data center hardware, and it just reported strong demand for those products in its fiscal 2023 fourth quarter (ended Aug. 31). 

Here's why it might be a great chip stock to buy for the long term as AI demand continues to scale up.

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Source Fool.com