Search for the phrase "hot AI stocks" using your favorite search engine, and you'll no doubt see Nvidia (NASDAQ: NVDA) mentioned -- and for good reason. Shares of the giant chipmaker have skyrocketed close to 240% over the last 12 months.

Demand for Nvidia's graphics processing units (GPUs) is going through the roof. Companies around the world are scrambling to build AI applications, and the company's GPUs are the gold standard to power those apps.

But Nvidia is no longer just focused on chips. It now has a new $1 billion business.

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Source Fool.com