Move over, Intel Corp. (INTC): there is a new crop of semiconductor companies taking center stage, and they aren’t churning out chips for the personal computing market. These emerging leaders—NVIDIA Corp. (NVDA), Samsung Electronics (SSNLF) and Qualcomm Corp. (QCOM)—are playing in burgeoning industries such as artificial intelligence and cloud computing, places Intel hasn’t been able to make a big dent.

Take AI: While the technology is just taking off. it’s expected to be a huge market with computers doing everyday tasks quicker and better than humans. Incorporating AI into existing systems and programs as well as developing new ones requires complex semiconductors. All of the major chip companies are going after the market, but one is becoming a clear leader in the area—chipmaker NVIDIA. It’s been making a big push into the area, most recently giving AI researchers its Tesla V100 graphic chips, which runs on Volta, its new graphic processing architecture, during the recent Conference on Computer Vision and Pattern Recognition (CVPR) in Hawaii.

Its potential has gotten Wall Street and investors giddy over the stock, with Citigroup saying AI will provide more upside to shares and that the company is in the early stages of transitioning from a PC graphics chipmaker to a leader in that space. The analyst is so positive on the company he set a bull case price target of $300, arguing that at current levels investors are not factoring in continued growth in data center sales, the opportunity in the automotive market and the impact AI will have. Intel is also a player in AI, but its efforts haven’t taken off in a big way as of yet, and Wall Street haven't been expressing the same optimism. (See more: Why Intel Is Falling as AMD, NVIDIA Surge.)

Who Isn't a Chipmaker Now?

But it's not just AI that is expected to drive the growth of semiconductors and displace Intel. With more companies moving their computer software and hardware to the cloud, companies are turning to ARM processors to power the systems. ARM chips are cheaper and require less power to run than alternatives offered by Intel. In a major blow, Microsoft Corp. (MSFT) announced in March it would team with Qualcomm to begin using chips developed by ARM Holdings in its servers. In an interview with Bloomberg News, Jason Zander, vice president of Microsoft’s Azure cloud unit, said at the time that it had created a Windows Operating System for servers that runs on ARM's processors instead of Intel's.

And in what is likely to shake investor confidence, Samsung Electronics, the South Korean consumer electronics giant, for the first time ever surpassed Intel in the second quarter to become the world’s largest semiconductor producer, with rising prices for memory chips used in mobile devices partly the reason for its latest milestone. It doesn’t help that Alphabet Inc.’s (GOOG) Google is also getting into the semiconductor manufacturing game, putting pressure on the leader. (See more: Intel, Nvidia Face Chipmaking Threat From Google.)

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