Among the companies benefiting from artificial intelligence (AI) entering the mainstream are semiconductor giants Broadcom (NASDAQ: AVGO) and Nvidia (NASDAQ: NVDA). As a result, Broadcom stock skyrocketed to a 52-week high of $186.

The rapidly growing adoption of artificial intelligence (AI) has given shares of many companies a big boost in the past couple of years, and that's not surprising as this technology is expected to impact the global economy in a big way.

Cloudflare estimates that its total addressable market could grow from $176 billion this year to $222 billion in 2027, driven by incremental growth opportunities in areas such as AI. This explains why the company has been investing in AI-specific hardware such as high-end graphics processing units (GPUs) to power its AI offerings.