5 Artificial Intelligence Chip Companies Other than Nvidia

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Nvidia has been the craze for the last 3 years.

But the release of Gemini 3 by Alphabet in November, created a ripple effect on the AI chip sector.

Alphabet created its own AI chips called tensor processing units (TPU) to power Gemini 3 with the design and manufacturing help of Broadcom.

• Broadcom’s share price rose by 9% in November 2025.

And many other tech companies such as Amazon and Microsoft have been developing their in-house AI chips to reduce reliance on Nvidia.

With this development, several AI chip companies in the U.S., Taiwan and China have come into focus as alternatives to Nvidia.

1. AMD $AMD ( ▲ 1.1% )  

Advanced Micro Devices (AMD) is probably one of the closest competitors to Nvidia. It produces and sells semiconductors to various sectors.

• Data centre segment makes up the majority of its business at 48% of revenue, followed by client (27%), embedded (14%) and gaming (10%).

• Its sources of revenue are quite diversified with U.S. making up one-third, followed by China (24%), Singapore (14%), Taiwan (13%), and Japan (7%).

AMD’s data centre segment has been the main driver of growth for the latest quarter, growing by 22%. However, its profit margin have declined slightly to 25% as it reports higher operating expenses. AMD is poised to benefit from its latest strategic partnership with OpenAI to deploy 6 GW AMD GPUs.

What’s surprising is the even stronger growth of its client and gaming business segment. Both segments recorded a combined growth of 73% and even delivered a higher operating profit margin of 21%.

• Its AMD Ryzen Threadripper 9000WX and PRO 9000X product launches got high orders from creators and professionals.

• Meanwhile, AMD FSR 4, a machine-learning tech saw rapid adoption by gaming companies.

Even with its core business of data centres, AMD does have other business segments that are delivering rapid growth for the company.

Financially, AMD’s revenue more than doubled from US$9.8 billion in 2020 to US$26 billion in 2024. In 2025, AMD is projected to report a US$34 billion in revenue - 3 times the amount from 5 years ago.

• AMD hasn’t fared that well from the profit side. Profits declined by half from 2021 ($3.2 billion) to 2024 ($1.6 billion).

AMD is currently trading at a very high price-to-earnings ratio of 114 times but is deemed to be undervalued by 41% according to SimplyWallSt’s Discounted Cash Flow valuation.

2. Intel $INTC ( ▲ 0.67% )  

Intel has received widespread attention in 2025 due to the U.S. government taking a 10% stake and Softbank also investing in the company.

It is involved in the design, manufacture and sale of computer products and technologies, which also involves AI data centre chips.

• Client computing still makes up the bulk of its revenue at 57%, followed by AI data centre (24%).

• Revenue sources are quite diversified also with China making up 30%, followed by the U.S. (25%), Singapore (19%) and Taiwan (15%).

Intel’s data centre segment’s revenue was flat for 3Q 2025 (9M 2025 growth was 3.4%), but delivered double the profits at US$1.0 billion.

Crucial to Intel’s development is the support of the U.S. government for the company now. It remains one of the few U.S. companies to produce high-end chips in the U.S.

• Recently, it has received about US$5.7 billion in funding from the U.S. government’s CHIP Act.

Profit margins for the company are projected to improve in 2025 and 2026, as it has embarked in a turnaround plan for the company by cutting 22% of its workforce, restructuring its foundry segment and pivoting aggressively to AI.

• Its foundry business is still incurring an operating loss of US$7.8 billion for the first 9 months of 2025 but has narrowed from the loss of US$11 billion from 2024.

Intel’s financial fortunes have dwindled in the past five years.

• Revenue declined by a third from US$78 billion in 2020 to US$53 billion in 2024.

• Profits went from US$21 billion in 2020 to a loss of US$19 billion in 2024.

It is currently trading at a price-to-book ratio of 1.8 times.

3. Broadcom $AVGO ( ▼ 0.25% )  

Broadcom made headlines when Alphabet’s Gemini 3 model was released in November 2025. It helped designed and manufactured Alphabet’s tensor processing units (TPU) that was used to power Gemini 3, effectively reducing its reliance on Nvidia’s GPUs.

Broadcom designs, develops and sells semiconductors and infrastructure software solutions.

• Its semiconductor chip segment makes up the bulk of its revenue at 58%, followed by infrastructure software (42%).

• The U.S. makes up 25% of revenue, with China (20%), Singapore (19%), and Asia Pacific (16%) making up the rest.

Its AI division is experiencing rapid growth. 3Q’s AI division grew by 63% to US$5.2 billion as its clients’ AI investment plans accelerates.

Broadcom has broadly (no pun intended) more than doubled its revenue from 2020 to 2024, as it pivoted hard towards the AI sector. Profits too, has taken the same trajectory, almost doubling from US$3.0 billion to US$5.9 billion over the same period.

In 2025, it is projected to generate US$63.3 billion in revenue, which is a 22.6% growth. It is currently trading at a high PER of 96.9 times.

Analysts have the company at a target price of US$407 with an implied upside of +6.7%.

4. TSMC $TSM ( ▲ 1.15% )  

Taiwan Semiconductor Manufacturing Company (TSMC) is touted as the factory of the world, especially so for the semiconductor sector.

It makes almost every electrical and electronic component in the world, and has one of the most advanced technologies to do so.

• Wafer is its core business, encompassing 87% of revenue.

• And it services the United States the most at 69% of revenue, followed by China (11.5%), Taiwan (9.3%), and Japan (5.0%).

The 3nm (most advanced currently) and 5nm technology for semiconductors is making up a bigger portion of its revenue.

Interestingly enough, its smartphone division recorded a 19% growth in revenue for 3Q. This is probably driven by the strong sales of iPhone that was launched in September 2025.

• TSMC’s US$20 billion facility in Arizona, U.S. was launched in 2025.

TSMC has also more than doubled its revenue from TW$1.3 trillion in 2020 to TW$2.9 trillion in 2024, with 2025 shaping up to be the best year in record.

• 2025’s revenue is projected at TW$3.7 trillion, representing a 27.5% growth.

It is currently trading at a PER of 24 times, and analysts have the company at a target price of TW$1,770 with an implied upside of +23%.

5. Cambricon Technologies

No one has ever heard of Cambricon Technologies until Trump threw a curveball at Nvidia and other U.S. chip companies by barring AI chip exports to China.

Investors and Chinese tech companies scrambled to look for Chinese home-grown AI chip companies and there it was, Cambricon Technology.

It builds core processor chips for intelligent cloud servers, intelligent terminals, and intelligent robots.

• Cloud product line makes up 99% of its revenue.

• Its market is exclusively in China.

In the Chinese market, Cambricon is still a small player with only a 1% market share at the fourth position. The rest are Nvidia (66%), Huawei (23%) and AMD (5%).

2025 is turning out as a breakout year for the company.

• Revenue for the first 9 months of 2025 grew by 10 times to CN$4.6 billion.

• It recently became profitable in 2025 with a net profit of CN1.6 billion.

And it’s all thanks to its ramp up of Siyuan 590, its flagship AI chip in early 2025. It is designed for AI purposes that have benefited massively when U.S. AI chips were barred from being imported into China for a brief period of time.

According to the market, Cambricon has a target price CN$1,630 with an implied upside of +22.5%.

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Cheers,

James Yeo