The explosive growth of its data center business, which sells high-end GPUs for processing complex artificial intelligence (AI) tasks, fueled a large portion of those gains and turned it into a linchpin and bellwether of the booming AI market.

The S&P 500 (SNPINDEX: ^GSPC) is up 28% this year, which is almost triple its average annual gain going back to 1957. Technology stocks are leading the S&P higher at the moment, but those operating in the artificial intelligence (AI) space are generating particularly strong gains.

Key technical levels are starting to break. The stock has dropped below short-term moving averages, a sign that gravity is starting to kick in.

These two stocks could be huge winners as machine-learning technology helps grow the AI industry over the coming years.

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 (NVDA) stock’s meteoric rise seems to have hit a roadblock. Despite delivering an exceptional Q3 performance that surpassed Wall Street’s expectations, NVDA stock has been on a downward trajectory.

The newest artificial intelligence chip stock in the $1 trillion club is Broadcom ( AVGO 24.43%). The stock passed the milestone after a stellar fourth-quarter earnings report on Dec. 12. Here's how the company became a leading AI chipmaker worth 13 figures.