The custom AI chipmaker's stock has surged in 2024, but its valuation is still reasonable.

Market researcher IDC forecasts that global AI-related spending could hit $337 billion next year and jump to a whopping $749 billion by 2028. As a result, technology companies selling AI-related hardware and software should ideally witness healthy growth in their businesses next year.

Nvidia is the only stock in the Dow Jones Industrial Average this year that has done better than Walmart, soaring nearly 175%. But since Nvidia just joined the Dow in early November, you could argue that Walmart is truly the index’s top performer in 2024.

Prediction: This Artificial Intelligence (AI) Chip Stock Is Going to Skyrocket After Dec. 12

Valued at a market capitalization of $62 million, ZJK Industrial (ZJK) manufactures and sells precision fasteners, structural parts, and other metal parts products for new energy vehicles, circuit boards,

The stock isn't cheap, but it isn't far from where its peers are priced. Nvidia has risen to the top of AI investments because it has become the building block on which AI models are built and trained.