The artificial intelligence (AI) market has continued gaining traction in 2024 as companies spend huge amounts of money on building up infrastructure so that they don't fall behind in the race to deploy and integrate AI applications.

According to one estimate, global spending on AI is expected to cross a whopping $200 billion this year, and chipmakers such as Nvidia (NASDAQ: NVDA) have allowed investors to get rich from this massive splurge. Looking ahead, the market for semiconductors powering AI applications is expected to deliver a whopping $341 billion in annual revenue in 2033. The latest developments in the AI chip market signal that Nvidia continues to remain the best bet for investors to capitalize on this tremendous opportunity.

Nvidia enjoyed an early start in the AI chip market. Its A100 processors were used for training ChatGPT, the chatbot that kicked off the AI revolution toward the end of 2022. The company's AI GPUs (graphics processing units) gained immense popularity and its H100 processor became a runaway success.

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Source Fool.com