If you've been following chipmakers over the last couple of years, then you will find it no surprise that Nvidia (NVDA 4.89%) has emerged as the most influential company in the AI realm. And yet despite its shares gaining 752% in just the last two years, famed investor Masayoshi Son of SoftBank recently proclaimed that Nvidia stock is undervalued. Son's logic was that the total addressable market (TAM) for generative AI is expected to witness robust growth over the next several years. Not only is this an obvious tailwind for Nvidia, but the company's industry-leading roster of graphics processing units (GPU) architecture separates it from the competition in a considerable way; therefore, Nvidia may actually be able to acquire the majority of incremental market share that Son is projecting. Should this be the case, Nvidia stock looks like a no-brainer. While Son could be correct, I'm not allowing Nvidia's dominance to overshadow other opportunities in the chip space.