Apple and Nvidia have both announced major share buyback programs, but I see one of these artificial intelligence (AI) players as the obvious winner in the long term.

There is a clear winner between these two companies trying to capitalize on the growing demand for AI graphics cards.

Chipsets known as graphics processing units (GPUs) are an integral component in the development of artificial intelligence (AI) applications. At the moment, Nvidia (NASDAQ: NVDA) holds an estimated 88% of the AI GPU market thanks to its industry-leading A100 and H100 GPUs.

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Artificial intelligence (AI) stocks have been a driving force behind the S&P 500 's impressive performance recently. The benchmark index has climbed over 21% year to date and gained more than 34% in the past 12 months.