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Nvidia outperformed all expectations, reporting soaring profits Wednesday thanks to its graphics processing units that excel at AI workloads. But more categories of AI chips are gaining ground.

Custom ASICs, or application-specific integrated circuits, are now being designed by all the major hyperscalers, from Google's TPU to Amazon's Trainium and OpenAI's plans with Broadcom . These chips are smaller, cheaper, accessible and could reduce these companies' reliance on Nvidia GPUs. Daniel Newman of the Futurum Group told CNBC that he sees custom ASICs "growing even faster than the GPU market over the next few years."

Besides GPUs and ASICs, there are also field-p

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