These 5 AI Stocks Have Returned 300%-Plus Over the Past 3 Years -- and 1 Still Looks Dirt Cheap

Many tech stocks have put up impressive gains over the past few years, as companies have transitioned their products and services to tap into the rapidly expanding artificial intelligence market.

Some of the biggest winners -- such as Nvidia (NASDAQ: NVDA), Micron Technology (NASDAQ: MU), Taiwan Semiconductor (NYSE: TSM), Broadcom (NASDAQ: AVGO), and Advanced Micro Devices (NASDAQ: AMD) -- have seen share prices surge 300% or more over the past several years as they've benefited from the AI semiconductor boom.

Even more notable is that while Micron's stock is up more than 1,300% over the past three years, its shares still look like a good deal.

Image source: Getty Images.

Nvidia stock: Up 448%

Nvidia has been the poster child of the AI boom since it began. Its most important advantage has been that it's the leading designer of graphics processing units (GPUs) -- parallel processors that excel at handling computationally complex AI workloads. GPUs are key components in most artificial intelligence data centers, and its leadership in the technology helped it grow its share of the data center and AI chip market to 86% as of the end of 2025.

Concerns are rising among investors that tech companies' heavy AI spending isn't delivering significant returns on investment. Still, Nvidia's latest quarterly results show that it continues to benefit from AI companies buying its processors, with total revenue rising 91% to $81.6 billion and non-GAAP (generally accepted accounting principles) diluted earnings per share surging 140% from the year-ago quarter to $1.87.

Micron stock; Up 1,320%

Some of the biggest gains in Micron stock have come over the past year as demand for memory chips in AI data centers has risen dramatically. With global production capacity of such chips lagging well behind demand, prices for memory have soared, boosting Micron's gross margins to nearly 85%. Its revenue rose 345% to $41.5 billion in the third quarter of 2026, and non-GAAP earnings per share rose $25.11, a shocking 1,200% increase from the prior-year quarter.

Investors have recently become more worried that these high levels of memory demand can't last forever, and concerned that with all of the manufacturers building out new foundry capacity, eventually, this period of undersupply will end, and Micron's memory will no longer command the high prices it does now. That may be true, but no one knows when the tech sector's intense demand for memory will ease. For now, tech companies continue to spend heavily on their data center build-outs, and many of the largest players have indicated that their AI spending will rise even higher next year.

Taiwan Semiconductor stock: Up 367%

Taiwan Semiconductor (TSMC) is a third-party semiconductor manufacturer that benefited from rising demand for artificial intelligence hardware by ramping up production. In its latest quarter, revenue increased by 36% to $40.2 billion, showing that it continues to grow at a steady pace as it taps into AI chip demand. And its shares are up by about 78% over the last 12 months.

While TSMC's sales and earnings may not be growing at quite the same pace as the other chip companies being discussed here, its advantage is that it's one of the few companies that can manufacture advanced chips reliably at scale. TSMC has about 90% market share for advanced processors and nearly 70% market share among third-party semiconductor foundries.

Broadcom stock: Up 401%

Broadcom has operations in several parts of the tech sector, but the one that has investors most excited lately is its chip design unit. It specializes in application-specific integrated circuits (ASICs) -- custom chips built to handle a narrow and preset range of workloads. ASICs can be especially good and cost-effective for AI processing, and they're increasingly in demand as frontier model AI companies seek speed and efficiency advantages.

For example, Broadcom has a contract with Alphabet to design its Tensor Processing Units (TPUs) used for the tech giant's AI infrastructure. That deal runs through 2031. OpenAI also tapped Broadcom to design an LLM-optimized chip for its data center projects. All this demand helped boost Broadcom's Q2 sales by 48% to $22.2 billion and its earnings by 54% to $2.44 per share.

AMD stock: Up 348%

AMD also plays a leading role in the AI semiconductor design space, and it has gained more attention from investors over the past few years as tech companies have scooped up its CPUs and GPUs to power their data centers. It recently reported results for its fiscal second quarter (which ended June 27), with earnings per share of $1.66, up 246% from the year-ago quarter, and revenue up 50% to $11.5 billion.

Its shares have been declining recently, as investors worry about whether its rising capex spending will yield a good return on investment. The chip company boosted capital expenditures by 142% year over year in the first half of 2026. The market is not wrong to question such spending, but AMD still looks well-positioned to benefit as more AI hardware is needed in the coming years.

Micron stock looks very cheap right now

Despite Micron's impressive share price gains over the past few years, its price-to-earnings ratio is just over 19, which is far less expensive than the tech sector's average P/E ratio of 35.

That makes Micron's stock a really good deal right now, but any major decrease in data center spending would likely impact the company's margins, and take a toll on its sales and earnings. If all that happens, there could be a retreat from Micron stock.

Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Broadcom, Micron Technology, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.