Nvidia’s star starting to rust could be a major market theme over the next year. Wall Street has some other chip plays to keep an eye on. The chip juggernaut is tracking for an eye-popping gain of more than 160% this year. Shares have soared as artificial intelligence has become a mainstream fascination in recent years. However, Nvidia has been flashing some warnings signs more recently. Shares are down more than 6% this month, and this week they entered into a correction, which is generally referred to as when a stock trades at least 10% off its all-time closing high. Nvidia contributed to the Dow Jones Industrial Average ‘s 10-day losing streak notched Wednesday, which marked a first since 1974. NVDA YTD mountain Nvidia, year to date To be sure, Wall Street is optimistic on the stock looking ahead. The typical analyst polled by FactSet has a buy rating, and consensus price targets suggest shares can surge more than 35% over the next year. Still, the recent turmoil may inspire investors to look at other options. CNBC Pro screened FactSet for stocks that met the following criteria, as of Tuesday: Cheaper than Nvidia, with forward price-to-earnings multiples lower than 44 Buy ratings from at least 55% of analysts Upside to the average analyst’s price target of at last 20% Here are the names that made the list: Advanced Micro Devices has had a far worse year than Nvidia, sliding more than 17% year to date. Still, analysts are still optimistic, and the stock has a forward price-to-earnings ratio of 37.6. About two out of every three analysts polled by FactSet have buy ratings. The average price target implies shares can jump just over 48%. Piper Sandler analyst James Fish pointed to AMD as one way to play a resurgence of popularity in data centers in a Wednesday note to clients. More specifically, he pointed to the compute and silicon space as an area of opportunity. Elsewhere, Universal Display is one of the lesser-known names that made the cut. The stock — which is focused on organic light emitting diode, or OLED, technologies — has slid 22% in 2024. Shares have a forward price-to-earnings multiple of 32.5. While the stock has struggled this year, more than seven out of 10 Wall Street analysts rate it a buy. The average price target suggests shares can rally more than 39%.