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The artificial intelligence trend has supercharged the growth of many tech stocks over the past year, including semiconductor giants Nvidia (NASDAQ: NVDA) and Arm Holdings (NASDAQ: ARM). So far in 2024, Nvidia shares climbed 144%, and Arm stock rose 91%.

The stock has shot up 135% so far in 2024 as of this writing, and that's justified, as Nvidia is the leading player in the market for AI graphics processing units (GPUs), with an estimated market share of 94% at the end of 2023.

Apple and Nvidia have both announced major share buyback programs, but I see one of these artificial intelligence (AI) players as the obvious winner in the long term.

Artificial intelligence (AI) stocks have been a driving force behind the S&P 500 's impressive performance recently. The benchmark index has climbed over 21% year to date and gained more than 34% in the past 12 months.