<div id="readability-page-1">Finding growth stocks that can double your money faster than the broader market is a smart goal. The market tends to double once every seven years, so if you can identify stocks that have the potential to double in under five years, you've got a market-beating strategy. If you've got $3,000 lying around (or really any amount of money, for that matter), I've got three stocks that could easily double your money in under five years. <div><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI5NTgvcGVyc29uLXRvdWNoaW5nLWRhdGEtb24tYXJ0aWZpY2lhbC1kYXNoYm9hcmQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI5NTgvcGVyc29uLXRvdWNoaW5nLWRhdGEtb24tYXJ0aWZpY2lhbC1kYXNoYm9hcmQuanBnJnc9NzAw"/>Image source: Getty Images. </div> <h2>The AI arms race is far from over</h2> The three stocks that I think can double your money in under five years are Nvidia (NVDA -2.79%), Broadcom (AVGO -0.04%), and Taiwan Semiconductor Manufacturing (TSM 3.70%). All three of these companies are heavily involved in the artificial intelligence (AI) arms race. Instead of being major spenders during this buildout, this trio is providing the computing power for the AI hyperscalers. Instead of trying to find a use case for AI and how to make it profitable, these three are making a ton of money right now, and that's only slated to rise over the next five years. During Nvidia's Q2 conference call, management noted that they expect the AI hyperscalers to spend around $600 billion on data centers this year. That includes land and building costs, so this trio won't capture all of the spending, but with Nvidia expected to generate over $200 billion in revenue this year, it can capture about a third of it. While that sounds like a ton of money (and it is), it pales in comparison to where Nvidia thinks the market is heading. By 2030, it expects global data center capital expenditures to reach $3 trillion to $4 trillion. That's a massive market opportunity, and it means a lot more sales of AI computing equipment, like Nvidia's graphics processing units (GPUs). <h2>Broadcom is looking to take market share from Nvidia</h2> All of this also bodes well for another competitor in this realm, Broadcom. GPUs are impressive computing units that can be deployed in a wide variety of applications, but if the only application it's being used for is AI, then it may be a bit overkill. Instead, AI hyperscalers are working with Broadcom to develop custom AI accelerator chips that are purpose-built for AI training and inference. This yields a computing unit that is less flexible, but has better performance and a cheaper cost than an Nvidia GPU. While GPUs aren't going away, Broadcom will challenge Nvidia significantly over the next few years, especially after it onboards some major clients. During its Q3 results, Broadcom revealed that a new customer had placed a $10 billion order for some of these custom AI accelerators. While Broadcom doesn't reveal its clients' names, the general assumption is that this was OpenAI, the maker of ChatGPT. This adds OpenAI to three other major customers, which are assumed to be Alphabet, Meta Platforms, and ByteDance, TikTok's parent company. This shows that Broadcom's products are gaining momentum, and with the massive AI spending on data centers still expected, I think Broadcom is slated to have a strong five years. <h2>Taiwan Semiconductor is supplying Nvidia and Broadcom's chips</h2> Neither Broadcom nor Nvidia can make their own chips, so they outsource that work to Taiwan Semiconductor, the world's leading chip foundry. Because TSMC doesn't market any of its own chips, clients like Nvidia and Broadcom can rest assured that TSMC isn't stealing their designs to sell to customers directly. This is a win-win scenario, and is a big reason why Taiwan Semi has separated itself from the competition. Taiwan Semiconductor is also offering new chips starting later this year with the launch of its 2nm (nanometer) chip node. This chip node offers improved performance over the current 3nm standard. When configured for the same speed, 2nm chips consume 25% to 30% less power. Considering energy consumption is a huge concern among AI hyperscalers, this will be a massive improvement. TSMC's management has already stated that demand for this chip node exceeds the previous release of 3nm and 5nm chips. This could be a huge source of growth for TSMC, especially if it can charge a premium for this technology. With huge growth still expected in the AI world, alongside other trends like autonomous driving, Taiwan Semi has several tailwinds pushing it, and it could easily double over the next five years. </div>

The article discusses three growth stocks—Nvidia, Broadcom, and Taiwan Semiconductor Manufacturing—that could potentially double an investment of $3,000 within five years. These companies are heavily involved in the AI sector, providing essential computing power for AI hyperscalers. Nvidia anticipates significant revenue growth from AI-related data center spending, while Broadcom is developing custom AI chips to compete with Nvidia. Taiwan Semiconductor supports both companies by manufacturing their chips and is launching a new 2nm chip node, expected to enhance performance and efficiency. Overall, these stocks are positioned for substantial growth in the AI market.

- The article discusses three growth stocks—Nvidia, Broadcom, and Taiwan Semiconductor Manufacturing—that are expected to double in value within five years due to their roles in the AI sector.  
- Nvidia anticipates significant revenue from AI hyperscalers, while Broadcom is developing custom AI chips, and Taiwan Semiconductor is supplying chips for both companies.  
- The expected growth in AI spending and advancements in chip technology position these companies for substantial market opportunities.

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Got $3,000? 3 Top Growth Stocks to Buy That Could Double Your Money