Companies engaged in the artificial intelligence race are booming, with any company touting AI technology seeing massive jumps in their stock prices. That said, the hype surrounding AI is the real deal. I believe this will continue for the near- to medium-term. Notably, Nvidia (NASDAQ:NVDA) has emerged as a major AI beneficiary, evidenced by its impressive guidance on May 24. The stock hit all-time highs, and is still moving in a positive direction. However, if you are looking for the top tech stocks to buy, you need to think beyond Nvidia.

While Nvidia is gold when it comes to the AI sector, we shouldn’t rule out the possibility of other tech companies hitting highs shortly. Investors in Nvidia are reaping substantial returns, but there’s still an opportunity for those who missed out. Nvidia is dominating the market today, holding more than 60% of the market share in its core markets. That said, it will be interesting to see other tech companies join the race with their AI applications and chips.

Investors have started to look for stocks that could be the next Nvidia. Investing in such companies at an early stage could provide life-changing returns over the long-term. With that in mind, let’s take a look at the top tech stocks to buy right now.

Advanced Micro Devices (AMD)

The biggest competitor of Nvidia ,and one of the best stocks for investors seeking AI exposure, Advanced Micro Devices (NASDAQ:AMD) comes very close to being the next Nvidia. The chipmaker is working to strengthen its position in the market and grow its market share. AMD’s chips will experience increased demand in the booming global cloud market, while AI adoption can further fuel growth in cloud computing. The company recently had its “Data Center & AI Technology Premiere” where it unveiled its AI platform and strategies.

The company has revealed a new AI chip to compete with Nvidia. The company’s MI300X chip is designed for large language models and other cutting-edge AI models. Large language models use a lot of memory given the amount of calculations and computing power required, and this chip is created to handle these needs. This chip boasts 192 GB of memory, giving it an advantage over Nvidia’s chips, which are limited to 120 GB of memory for larger AI models.

This chip can turn the tables for AMD, providing investors with massive potential upside. The company already has partnerships with some of the most notable tech giants in the industry, and if this chip is worth the hype, AMD could be the next Nvidia very soon.

AMD stock is trading around $125 per share today and is inching closer to its 52-week high of $132. The stock is up 98% year-to-date, and 91% over the past six months. AMD’s recent stock rally was driven by Nvidia’s results, but I see AMD as a potential winner in the AI race.

Taiwan Semiconductor (TSM)

One company that has the bestchance to win the AI race is Taiwan Semiconductor (NYSE:TSM). It makes chips on the advanced 5nm process and already has an impressive list of clients. TSMC, a leading-edge chip manufacturer, faces geopolitical risks tied to China, but remains a promising investment. If you are looking for stocks like Nvidia, you can benefit from the ongoing chip war by investing in TSMC. It is one of the top tech stocks to buy and hold for the long-term.

The company recently announced a new packaging facility to meet the growing demand for its chips. Unsurprisingly, TSM stock surged after this news. This facility will support 1 million 12-inch wafers annually, and could significantly expand the tech company’s capacity.

Taiwan Semiconductor is Asia’s largest company and provides chips to Apple (NASDAQ:AAPL) and Nvidia. The primary reason to bet on this company is its customers. With several high-profile companies using its chips, I believe the company’s revenue will remain consistent and we could see impressive long-term growth. Management reported strong chip demand and limited advanced packaging capacity for AI chipsets at the annual meeting. Overall, as the leading foundry in the chip world, Taiwan Semiconductor is poised to excel in the AI race, making it an attractive stock to consider.

Oracle (ORCL)

I’ve always been a fan of one of the top AI hardware stocks Oracle (NYSE:ORCL).  So much so that I recommended this stock as a buy in March when the stock was trading at $89. If you’d followed my advice, you would be sitting on gains of 41% as the stock is trading at $126 today. Oracle was up after the company recently reported results. The company beat on the top- and bottom-lines, with its growth largely driven by cloud revenue.

Oracle reported revenue of $13.8 billion which was up 17% year-over-year. This rise was driven by the gains in application sales and cloud infrastructure. The company also reported earnings per share of $1.67, driven by infrastructure as a service revenues, which rose 76%. Overall revenue increased due to Oracle’s Gen2 Cloud, powering generative AI applications, as highlighted by the company’s management team.

Besides Nvidia, which is its key client, the company has signed up with several other major tech companies to work on their large language models. The stock is trading at an all-time high right now, but it has a long run ahead of it. Impressively, ORCL stock also pays a dividend yield of 1.3%, or a quarterly dividend of $0.40. Oracle hasn’t reduced its dividend since 2009, and has grown its distribution 14% annually over the past five years. The company’s development of generative AI services for multiple organizations is expected to drive higher revenue in the coming quarters. Oracle has all it takes to become the next Nvidia.

On the date of publication, Vandita Jadeja did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.