Taiwan Semiconductor, or TSMC, is a foundry, which means it makes the chips that companies like Nvidia, Apple, and Advanced Micro Devices design. It's benefiting from tremendous tailwinds in AI, but since it works with so many clients in many different industries, its risk is well diversified. That gives it the best of both worlds.

Alphabet is one of the few AI powerhouses that surprisingly remained affordable amid the AI-driven technology rally. Currently trading at just 18.7 times forward earnings, the company is significantly cheaper than other technology giants, such as Microsoft, which trades at 32.8 times forward earnings, and Nvidia, which trades at 36 times earnings.