Attention around artificial intelligence has driven chipmaker Nvidia sharply higher in recent years, to the point where it briefly was the world’s most valuable company — but AI investors are targeting other stocks, too.

Some hardware-focused companies in the AI supply chain have seen blistering stock price gains in the past 18 months, and the process of implementing AI across large organizations is already driving business for leading software firms.

The hype has drawn comparisons to the dot-com bubble of the late 1990s, when many internet start-ups saw massive, short-lived investment gains before crashing down. But this time, some analysts say, much of the AI interest has been concentrated on a much smaller number of established technology firms, and it is linked to significant corporate spending happening now.

“The impact of generative AI is not as broad-based as initially imagined,” said Chirag Dekate, a vice president and analyst at Gartner. “There are a very specific entities that are providing the foundational technology.”

Here are some publicly traded companies riding a wave of artificial intelligence investment.

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