OpenAI introduced its conversational intelligence application ChatGPT in November 2022. Since then, artificial intelligence (AI) has become one of the hottest investment themes on Wall Street, and AI stocks Super Micro Computer (NASDAQ: SMCI) and Nvidia (NASDAQ: NVDA) have been the best-performing members of the S&P 500 (SNPINDEX: ^GSPC).

Right now, Taiwan Semiconductor trades at a price-to-earnings (P/E) multiple of 32.2. As seen in the chart below, the company's valuation has surged dramatically over the last 12 months and its P/E is hovering near 52-week highs. There's a lot to choose from, but these are both great companies.

Chip and data center specialist Nvidia (NASDAQ: NVDA) has emerged as the king of the artificial intelligence (AI) realm. Quarter after quarter, the company continues to defy expectations, set revenue and profit records, and provide investors with a laundry list of such good news that it's hard to keep track of it all.