The next big technology frontier and how to play it, according to Oppenheimer

Nvidia headquarters in Santa Clara, California, on Tuesday, Feb. 23, 2021.
David Paul Morris | Bloomberg | Getty Images

The next big technology frontier is artificial intelligence — and the hardware that powers it is a rapidly growing market, according to investment bank Oppenheimer.

Oppenheimer predicts the market for artificial intelligence hardware could be worth $105 billion by 2025.

AI refers to machines replicating characteristics and behaviors of human thinking. Advancements in semiconductors have accelerated development in AI computing through improved processing power.

"Artificial Intelligence, once the stuff of science fiction, has arrived," Oppenheimer's Rick Schafer said in a note. "Investors have taken note and rewarded early leaders like NVIDIA."

Companies like Nvidia are at the forefront of the technology, but Oppenheimer also identified other publicly traded businesses leading in AI silicon development. Take a look at its list:

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