Chip stocks have been some of the biggest beneficiaries throughout the artificial intelligence (AI) revolution. While companies like Nvidia and AMD fetch the most attention, they rely heavily on the foundry services of TSMC. Despite notable valuation expansion, Taiwan Semiconductor remains dirt cheap based on one overlooked metric.

If you look back at the past couple of years, there's arguably no stock that has received as much attention as Nvidia (NASDAQ: NVDA). The current artificial intelligence (AI) boom has propelled Nvidia into the spotlight and to being the world's most valuable public company.