The massive investment underway to transition traditional computing in data centers to accelerated computing for artificial intelligence (AI) is a major catalyst for leading chip stocks.

Applications using generative AI could add trillions of value to the global economy, according to . Here are two leading semiconductor companies supplying the hardware to make this happen.

Nvidia (NASDAQ: NVDA) is estimated to control 80% of the market for chips used for AI, and that lucrative position provides the company with tremendous profits to fund years of innovation. The company's graphics processing units (GPUs) are used by OpenAI's ChatGPT and all the leading cloud services. Nvidia posted triple-digit revenue growth last year, with demand pointing to another strong year of growth in 2024.

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Source Fool.com