The significant interest in artificial intelligence (AI) stocks has shined a bright spotlight on Nvidia, the leading AI chip company.

Nvidia has been an incredible stock for investors, but AI stretches far beyond one company. You can be sure there are many winners in a global AI industry that experts believe could swell to more than $826 billion by 2030. And despite the broader market trading within shouting distance of all-time highs and a remarkable run by technology stocks over the past two years, there are still deals out there.

Here are three top AI stocks (not named Nvidia) that investors can buy today. Their respective growth prospects and valuations offer compelling value that should translate to stellar investment returns as AI technology advances.

1. Lam Research

Many people may not realize how much goes into making AI chips; it goes beyond designers like Nvidia. Lam Research (LRCX 1.45%) designs and builds equipment used in chip fabrication (manufacturing). To sum up Lam Research's value to the chip industry, its equipment helps companies build smaller and more efficient chip designs.

Nvidia's H100 AI chip has 80 billion transistors. Its successor, built on Blackwell architecture, has 208 billion. Remember, you can hold these chips in your hand. Cutting-edge equipment is needed to make such small circuits.

As AI technology improves and requires smaller and more powerful chips, Lam Research will be among the companies making these advancements possible. The company's reputation, intellectual property, and long-standing relationships with chip fabricators make its equipment hard to displace.

The stock currently trades at a price-to-earnings ratio of about 24. Meanwhile, analysts estimate the company will grow earnings by an average of 16% annually over the long term. The resulting 1.5 PEG ratio makes Lam Research a smart buy at these prices.

2. Taiwan Semiconductor Manufacturing

Let's explore the AI chip space a bit longer. Taiwan Semiconductor Manufacturing (TSM 2.66%) is the leading chip fabricator. As you might guess, this makes the company a pillar of the AI industry, as chips are the building blocks on which AI models train and operate.

Just how dominant is Taiwan Semiconductor? In the third quarter 2024, the company manufactured approximately 64% of the world's chips. That includes Nvidia's AI chips, which Taiwan Semiconductor builds with a custom manufacturing process. The company could have years of rampant growth ahead as Nvidia and other companies design increasingly complex chips and seek Taiwan Semiconductor's expertise and capacity to build them.

Analysts estimate Taiwan Semiconductor will grow earnings by an average of 31% annually over the long term. That makes the stock a compelling value at just 32 times earnings, a PEG ratio of just 1.

Part of the reason why the stock isn't more expensive is the geopolitical dispute between Taiwan and China. The latter has long claimed Taiwan (where Taiwan Semiconductor operates) belongs under its control, even threatening force to make it happen. The dispute adds some uncertainty to owning the stock, though the value becomes too compelling to pass up at some point. Taiwan Semiconductor has begun expanding into the United States, Japan, and Germany to mitigate its geopolitical risks, so this may become less of an issue.

3. Alphabet

Lastly, let's shift from AI chips to almost everything else AI. Alphabet (GOOG 3.10%) (GOOGL 3.11%), Google's parent company, might be the closest thing to a do-it-all AI company. Alphabet still counts on its search engine for much of its profits, but it has branched out into various other industries, including a heavy tilt into AI. Alphabet has the third-largest cloud computing platform, Google Cloud. It has developed and deployed an AI model (Gemini) to enhance its existing products and services. It's also among the leaders in autonomous vehicle technology and is making breakthroughs in quantum computing. I mean, what doesn't Alphabet do?

When people think of AI today, most think of generative AI, software that creates content. However, over the coming decades, AI should become much more, including self-driving cars and robotics -- whatever technology makes possible.

Alphabet's financial resources, innovative background, and leadership in existing fields give it a great shot at competing in almost any market AI creates in the future. Analysts expect the business to grow earnings by 16% annually. At a P/E of only 25 today, Alphabet is one of the most intelligent AI stock buys you can make.