This study investigates the relationship between undergraduates' technological readiness, self-efficacy, attitude, and usage of artificial intelligence (AI) tools. The study leverages the technology acceptance model (TAM) to explore the relationships among the study's variables. The study's participants are 176 undergraduate students from a public university in southwestern Nigeria. The Partial Least Square Structural Equation Modeling (PLS-SEM) was used to analyze the responses from the participants. The questionnaire has six constructs measured on a 5-point Likert scale. The results show that undergraduates' technological self-efficacy determines their usage of AI tools and perception of AI tools' ease of use, but this does not determine their perception of the AI tools' usefulness and attitude towards AI tools usage. Also, technological readiness was found to determine the perception of the AI tools' usefulness, perception of AI tools' ease of use, and technological self-efficacy among undergraduates but does not determine their usage of AI tools and attitude towards AI tools usage. In addition, undergraduates' attitude towards AI tools was considered the primary determinant of the usage of AI tools. It was concluded that some factors determine the adoption of AI tools, which are interrelated. Educators can play a pivotal role in empowering students to harness the power of AI tools by encouraging their usage under well-coordinated guidance rather than imposing outright restrictions. By fostering AI literacy and equipping students with the knowledge and skills to navigate these innovative technologies, educators can instil the confidence and competency needed to integrate AI tools into various academic activities seamlessly.