Nvidia effectively dominates the artificial intelligence (AI) chip market, but a monopoly is not always the best investment alternative. As institutional money flows grow more cautious, tariff risks on Taiwan-made semiconductors come into focus and valuation pressure mounts that requires growth of more than 60 percent, the market has begun to think about what comes after Nvidia.

BeInCrypto reported on Feb. 25 that AI-related stocks seen as having a relative edge on technical and fundamental measures are emerging ahead of March 2026. TSMC, Alphabet and Broadcom are cited as leading examples. Palantir Technologies is also mentioned as a high-risk stock.

Nvidia is the largest holding in the Technology Select Sector SPDR Fund (XLK) and a key pillar of AI infrastructure investment. Its share price has recently shown a limited response despite strong earnings. It posted $57 billion in third-quarter revenue, but the stock failed to sustain a clear upward trend.

Technically, a declining channel has persisted, and the Chaikin Money Flow (CMF) indicator, which shows institutional inflows, remains in a weak range. This suggests large funds are not flowing in aggressively despite a price rebound.

There are also factors weighing on fundamentals. Nvidia relies entirely on TSMC for GPU production, and it would be hard to avoid rising cost pressure if semiconductor import tariffs become a reality. An EV/EBITDA valuation of about 35 times is also being cited as requiring sustained growth of more than 60 percent to justify it.

TSMC

TSMC is seen as the biggest beneficiary of the AI chip race. Most advanced chips from major semiconductor companies such as Nvidia, Broadcom and AMD are produced using TSMC’s 3-nanometer and 5-nanometer processes. Its share of the most advanced processes exceeds 90 percent, a de facto monopoly structure.

Limited customer defections despite recent price increases for advanced chips show its bargaining power. Its EV/EBITDA is about 18 times, lower than Nvidia’s, and institutional inflows are continuing steadily. Even if a specific company wins the AI race, TSMC, as the manufacturer, is seen as likely to benefit structurally.

Alphabet

Alphabet uses AI models while securing cost competitiveness in infrastructure through its own Tensor Processing Unit (TPU). Google Cloud grew 48 percent in the latest quarter, and operating margins improved sharply. A TPU strategy that is cheaper than Nvidia GPUs is attracting corporate customers looking to reduce cost burdens. Its software-focused business structure is also a strength in being relatively free of tariff risk. Technically, a weak pattern has formed, but money-flow indicators suggest the possibility of institutional buying on dips.

Broadcom

Broadcom is cited as a beneficiary of the expansion of the inference market rather than AI training. At the stage of applying large models to real services, application-specific integrated circuits (ASICs) are more advantageous than GPUs in energy efficiency and cost. The company designs ASICs for major big tech firms such as Google and Meta and has joined the AI transition trend. Technical charts show an inverse head-and-shoulders pattern, and a possible reversal is also being discussed.

High-risk stock: Palantir

Palantir is a leading software company that is translating AI into actual revenue growth. Revenue in the latest quarter rose 70 percent from a year earlier, and growth in its U.S. commercial segment is also steep. Its price-to-earnings ratio of more than 200 times is a risk factor due to overvaluation. If growth falls short of expectations, share price volatility is likely to increase.