Three AI leaders—TSMC, Alphabet, and Nvidia—remain positioned for long-term gains despite semiconductor volatility, each controlling a different tier of the AI supply chain.

What happened: An analyst highlighted three AI stocks outperforming the S&P 500 year to date: TSMC (which manufactures about 70% of all processors and nearly 90% of advanced processors), Alphabet (which has grown its Gemini AI user base to more than 900 million users), and Nvidia (which holds about 86% of the AI data center revenue market share). TSMC's sales rose 32% in 2025 to $121 billion（約19兆円）, and Nvidia's revenue rose 85% in the most recent quarter to nearly $82 billion（約13兆円）, with diluted non-GAAP earnings rising 140% to $1.87 per share.

Why it matters: Each company benefits from AI demand through a different mechanism—TSMC manufactures chips for all major AI competitors regardless of who leads, Alphabet is embedding its Gemini model across YouTube, advertising, Search, and other services while Google Cloud sales grew 63% in the first quarter to $20 billion（約3.2兆円） (attributed to AI services), and Nvidia's processors remain the dominant choice in AI data centers. Apple is also paying Alphabet a reported $1 billion（約1600億円） annually to use Gemini as part of Siri, showing that AI models are already generating direct revenue for Alphabet.

What to watch: Nvidia's valuation relative to competitors—it trades at a price-to-earnings ratio of about 30, compared to 150 for AMD and 62 for Broadcom—while demand may grow further as robotics and autonomy industries develop. TSMC estimates the global chip market will be worth $1.5 trillion（約240兆円） by 2030, with AI processors leading the demand.