Nvidia Gets All the Credit, but These 4 Stocks Are Quietly Capturing the $725 Billion AI Buildout

The artificial intelligence (AI) build-out continues. AI hyperscalers will spend an estimated $725 billion this year, much of it on data centers and the chips and hardware that power them.

In discussions about AI stocks, Nvidia gets a lot of the credit, and for good reason. The graphics processing unit (GPU) juggernaut has been the runaway leader, selling the overwhelming majority of the AI GPU chips used in data centers over the past few years. But several other companies make AI possible and don't quite get the love they should.

These four semiconductor stocks are quietly capturing tons of value as the AI build-out continues. They are likely to continue delivering exceptional growth over the coming years, so consider taking a closer look.

Image source: The Motley Fool.

1. Taiwan Semiconductor Manufacturing

Nvidia and most other chip companies don't actually manufacture their own products. Instead, they turn to foundries like Taiwan Semiconductor Manufacturing (NYSE: TSM). Taiwan Semi is the world's leading foundry, and by a wide margin. It holds approximately 72% of the global foundry market by revenue, and it has the most capacity and cutting-edge manufacturing techniques.

Taiwan Semi and the broader semiconductor industry have historically been cyclical, but the current AI boom is so immense that the company continues to grow. Remember, even outside of AI, almost every technology uses chips at some level. Taiwan Semi has reported stellar business results over the past few years, and analysts expect the company to continue growing earnings at an average annual rate of 22% over the next three to five years.

2. Broadcom

Nvidia will continue to face competition as the AI market swells. Broadcom (NASDAQ: AVGO) was already in data centers with its networking chips, but it has hit a home run with its XPUs: custom AI accelerator chips that it can design for customers' specific needs. That customization unlocks efficiency and gives AI hyperscalers an alternative chip supplier.

Broadcom's XPU customers include Alphabet, OpenAI, and Anthropic. CEO Hock Tan believes that the company's AI chip revenue could surge past $100 billion next year. It's a major growth catalyst for a business that earned $63.8 billion in revenue in 2025. The AI surge has juiced Broadcom's growth outlook. Analysts estimate the company will grow earnings at a blistering annualized rate of 49% over the next three to five years.

3. ASML Holding

Look deeper into the AI chip supply chain, and you'll find ASML Holding (NASDAQ: ASML). Simply put, ASML builds and sells specialized equipment that Taiwan Semiconductor and other foundries need to manufacture chips. What's special about ASML is that the Dutch company is the world's only supplier of extreme ultraviolet lithography machines, which print remarkably tiny patterns on chips. ASML has a literal monopoly on this technology.

ASML has had an up-and-down few years; it got caught up in geopolitical tensions regarding export controls between the United States and China. These headwinds still linger a bit, but that hasn't stopped ASML's growth, as the need for AI investments continues to grow. The company reported strong first-quarter 2026 earnings on AI momentum, and analysts see ASML growing earnings by an average of nearly 30% annually over the next three to five years.

4. Arm Holdings

At the deepest level of the AI ecosystem is Arm Holdings (NASDAQ: ARM). Arm specializes in instruction set architecture, a chip's foundational language, for central processing units (CPUs) and other chips used in almost every type of electronic device. Arm's customers have shipped over 350 billion chips to date, creating a massive installed base of technology. Countless devices, from iPhones to personal computers, use chips with Arm's designs, and Arm collects royalties and fees on each chip its customers ship.

Recently, Arm announced it was expanding its business, unveiling its own AI CPU chip to capitalize on soaring demand for AI CPUs. Arm expects the chip to enter full production later this year, providing quite a growth catalyst over the next three to five years as it ramps up. Wall Street analysts estimate that Arm will grow earnings by an average of almost 25% annually over that period.

Justin Pope has positions in Alphabet. The Motley Fool has positions in and recommends ASML, Alphabet, Broadcom, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.