Goldman lays out the next phases of AI trade and stocks to play them

The next steps for the artificial intelligence boom are starting to come into shape, according to Goldman Sachs, and some of the stocks involved may still be cheap relative to their potential. Ryan Hammond of Goldman's portfolio strategy research team said in a March 14 note to clients that the AI trade still has room to run and should expand beyond the biggest winners like Nvidia , even if high valuations are making some investors nervous.

Some of the names are familiar to investors, including tech giants like Amazon , and major chip stocks like Broadcom . Both have easily outperformed the S & P 500 over the past year, but not nearly to the same extent that Nvidia has. GlobalFoundries is another semiconductor name, but its stock has fallen nearly 20% this year. That type of chip stock may be a better value for investors at this point, according to Goldman.

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