AI Chip Stocks to Potentially Surge in September, Excluding Nvidia and Broadcom

Advanced Micro Devices (AMD) and Ambarella, two leading players in the semiconductor industry, are making significant strides in the artificial intelligence (AI) and high-performance computing (HPC) markets.

In a noteworthy development, AMD generated a record free cash flow of $1.2 billion in the second quarter, while its revenue surged 32% year over year to $7.7 billion. The company's data center revenue increased 14% year over year to $3.2 billion, indicating a strong demand for AMD's AI and HPC chips.

AMD's CEO, Lisa Su, and CFO, Devinder Kumar, will present the company's progress in AI infrastructure at Citi's Global TMT Conference and Goldman Sachs' Communacopia & Technology Conference in September 2025. Forrest Norrod, AMD's Data Center head, will also speak at the Goldman Sachs' conference.

Meanwhile, Ambarella, with a market cap of $3B, is currently trading at $79.32 per share. The company's revenue in the second quarter of its fiscal 2026 jumped 49.9% year over year to $95.5 million. Ambarella's stock is trading at more than 162 times forward earnings, reflecting investors' confidence in the company's growth potential.

Ambarella's rapid improvement in topline performance and its differentiated hybrid AI strategy suggest it could continue its upward momentum. The company's 5-nanometer AI SoCs are in high demand for edge AI applications, with edge AI now accounting for roughly 80% of Ambarella's total revenue.

Notably, Ambarella has already shipped more than 36 million edge AI processors to hundreds of customers, including Insta360, Honeywell, and Samsara, who are designing AI-powered video products around Ambarella's chips.

In a competitive landscape, AMD's MI355 chips match or exceed Nvidia's Blackwell architecture-based B200 chips in AI inference workloads, at significantly lower cost. AMD's Instinct MI350 series AI accelerators began volume production ahead of schedule in June 2025.

The global semiconductor revenue is projected to reach $705 billion in 2025, with demand for AI and HPC chips surging. Both AMD and Ambarella are poised to capitalise on this growth, solidifying their positions as key players in the AI chip market.

Ambarella will present at Citi's Global TMT Conference on Sept. 3, host KGI Securities Bus Tour on Sept. 4, and Bernstein's Seventh Annual West Coast Semiconductor Bus Tour on Sept. 16. Jean Hu, AMD's Chief Financial Officer, will present at Citi's Global TMT Conference on the same day.

As these companies continue to innovate and deliver high-performance AI solutions, the future of the AI and HPC markets looks promising.