These companies are getting a nice boost thanks to AI, a trend that's likely to continue thanks to their huge addressable markets.

AI is trained and powered by data center servers that use powerful graphics processing units (GPUs), most of which have been supplied by Nvidia. Memory chips are complementary to GPUs because they store information in a ready state so it can be called upon instantly, which is particularly critical in data-intensive AI workloads.

Generative AI is taking the world by storm. This groundbreaking technology is capable of creating new content, such as text, images, and even music, based on the patterns it learns from existing data.

O ne way to make money as an investor, and possibly become a millionaire or multimillionaire in the process, is to pay attention to growing trends and expanding technologies -- an

Businesses will spend a whopping $235 billion on AI this year, according to a report by market researcher IDC. But those same analysts expect spending to climb to $631 billion by 2028. By 2032, spending on generative AI alone could climb to $1.3 trillion, according to an analysis from Bloomberg Intelligence.

Its stock is trading down 64% from the all-time high it set during the tech frenzy in 2021, with a relatively expensive valuation combined with slowing revenue growth contributing to the decline. However,

Nvidia is succeeding for more reasons than just a chip advantage.

Artificial intelligence (AI) technology arrived in the spotlight last year, lifting the stock market to new heights. It's fair to debate the short-term impact of AI and whether the market is expecting too much right now,