No one has been able to dethrone Nvidia as the top play in generative artificial intelligence, according to Bernstein. But the Wall Street firm is also watching Broadcom . Analyst Stacy Rasgon said chipmaker Nvidia is still the best pick for investing around generative AI. Rasgon pointed to the strong outlook for data centers as well as potential future upside from opportunities in software, cloud and automotives as reasons to be optimistic on the future of Nvidia. “If you really want to invest in generative AI, NVDA remains your best option,” Rasgon said in a Tuesday note to clients. “Forget the rest, play the best.” But he also pointed to semiconductor stock Broadcom as a way to play the investing theme, saying the stock has a real AI story with its application-specific integrated circuits business expected to jump from around 15% of semiconductor revenue to 25% in 2024. A deal with VMWare could also drive further upside, Rasgon said. And he said shares of Broadcom are inexpensive within the sector. “AVGO gives the best of both worlds, an AI story PLUS cyclical insulation,” he said. “Broadcom continues to hold their own and markedly outperform on fundamentals on the back of strong product cycles, more advantageous geographical mix, and better customer and channel management.” Rasgon has outperform ratings on both Nvidia and Broadcom, which have each rallied this year as investors looked for ways to invest around the technology. Nvidia has surged more than 190% in 2023. Rasgon’s price target of $475 shows he thinks the stock could rally another 11% in the next 12 months. Broadcom has seen a smaller advance, but has still noticeably outperformed in 2023 with a 55% year-to-date gain. But Rasgon expects little upside ahead. With an $878 target price for shares, he thinks the stock could add just 1% over the course of the next year. Despite the optimism, he’s not bullish on all stocks with AI exposure. Rasgon said he’s wondered if semiconductor maker Advanced Micro Devices is “a little out over its skis.” AMD has similarly shot up this year, jumping 83% since the start of 2023. But Rasgon anticipates a fall from grace is on the horizon, with his $80 price target implying shares could slide 34% from where they finished Friday’s session. NVDA AVGO,AMD YTD mountain Nvidia, Broadcom and Advanced Micro Devices — CNBC’s Michael Bloom contributed to this report.