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The semiconductor space has been an important driver for the stock market, helped especially by Nvidia Corp.’s dramatic sales growth — the company’s most recent quarterly revenue was 4.5 times as high as it was two years earlier.

Chip stocks slumped this week, with the PHLX Semiconductor Index (SOX) tumbling 10%, its biggest weekly decline since January 2022.

Perhaps no stock has prospered more from artificial intelligence (AI) than Nvidia. The semiconductor company leading in the development of AI chips brought triple-digit revenue and earnings growth, and at one point, the stock was up 1,000% from its late 2022 low.

Nvidia (NASDAQ: NVDA) has been the stock everyone is talking about for quite some time -- and for good reason. The company dominates the artificial intelligence (AI) chip niche with a market share of about 80%, and this has translated into record earnings. Even better, Nvidia's focus on innovation means its dominance is likely to last.

As a result, Broadcom and Nvidia are positioned to benefit for years as the AI industry expands from 2023's global market size of $136 billion to an estimated $827 billion by 2030. This is one reason owning shares in both is a great way to invest in the secular trend of AI.