With growing, explosive interest in emerging technologies, like artificial intelligence, semiconductor stocks should have another monster year ahead.

Look at Nvidia (NASDAQ:NVDA), for example. Over the last year, the tech giant rallied more than 223%, becoming one of the market’s top performers. Even Advanced Micro Devices (NASDAQ:AMD) rocketed more than 100% higher over the last year.

Better, with AI showing no signs of slowing down, semiconductors will remain a crucial part of our future. After all, without semiconductors, AI doesn’t function. And while you can always invest in NVDA at $680 a share, there are other “just as hot” semiconductor stocks to buy on the dip, including:

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Micron Technology (MU)

Source: Piotr Swat / Shutterstock.com

After a slight dip, Micron Technology (NASDAQ:MU) could push to higher highs.

For one, Micron is one of the world’s biggest producers of memory (DRAM) and storage (NAND) chips used in artificial intelligence. In fact, as noted on its site, “Micron’s industry-leading memory and storage solutions enable the latest generation of faster, more intelligent global infrastructures that make AI, machine learning, and generative AI possible.”

After all, memory chips are the very backbone of AI and machine learning. Without them, AI doesn’t function.

Two, Micron recently launched HBM3E, a data center memory chip that reduces AI training time by more than 30% and allows for 50% more daily queries, added Micron. While that may sound boring, consider this. Nvidia uses that HBM3E chip in its new H200 GPU, allowing for “faster, larger memory to fuel the acceleration of generative AI and large language models,” according to Nvidia.

Three, late last year, Micron posted solid earnings and said generative AI would spark even more demand for memory chips. The company posted an adjusted EPS loss of 95 cents in its first quarter, better than forecasts for a $1.01 loss. Revenue of $4.73 billion was slightly better than forecasts for $4.58 billion. As for the current quarter, MU offered a revenue forecast of $5.3 billion at midpoint, above estimates of $4.97 billion.

Marvell Technology (MRVL)

Source: Michael Vi / Shutterstock.com

Another one of the top semiconductor stocks to buy is Wilmington, Delaware-based Marvell Technology (NASDAQ:MRVL), which was just named Citi’s No. 1 specialty semiconductor pick.

With a buy rating and a price target of $75, the firm added, “We like the stock setup in 2024 on continued AI optics growth, layering of custom ASIC [application-specific integrated circuits] AI project sales, and bottoming out of non-cloud markets like enterprise networking and carrier,” as quoted by Barron’s.