AI Stock Forecast: Top Artificial Intelligence Shares to Trade

AI isn't coming. It's already here. And it's reshaping global markets as we speak. Since Nvidia's landmark earnings report in May 2023, AI stocks have driven the most concentrated market rally in a generation. Here is what is driving that momentum and how to trade the sector on OANDA.

Why are AI stocks dominating the market?

Major cloud providers, hyperscalers and enterprises are committing hundreds of billions of dollars to AI data centres, advanced chips and energy infrastructure. The spending keeps compounding. And so do the revenues.

Three forces are behind this.

1. The infrastructure buildout: Demand for computers is effectively limitless. It's fuelling a historic spending race on AI data centres. That benefits chipmakers, memory producers and networking companies.
2. Real earnings, not just hype: Cloud platforms are converting AI investment into measurable revenue. Corporate contracts for AI tools are now running into the billions.
3. The boom spreading beyond tech: Power suppliers, grid builders and construction firms have emerged as major beneficiaries. Some have posted returns of over 300% in three years.

But not every AI stock has benefited equally. Software application stocks are up just 17.6% over the same period.

Investors remain cautious. They worry that AI could disrupt existing software businesses rather than simply enhance them. And that caution is showing up in returns.

Top AI stocks to watch

The AI sector splits into two broad camps. Hardware and infrastructure cover the physical tech—semiconductors, data centres and GPUs— required to train and run AI models. Software and cloud cover the applications, platforms and enterprise software that businesses use to deploy AI in daily operations.

AI infrastructure and chips

• Nvidia remains the defining stock of the AI era. Its GPUs power the majority of AI model training globally. In Q1 2026, data centre revenue hit $75.2 billion. That's up 92% year on year.
• Advanced Micro Devices (AMD) is the second major GPU player. AMD's accelerator revenue rose 289% between Q1 2023 and Q1 2026. That growth was driven by robust server processor demand from agentic AI workloads.
• Intel has had a rough few years. But its AI inference chips and data centre products are worth watching. As enterprise AI deployment takes off, this intel forecast highlights strong growth potential through 2026.
• ASML Holding makes the extreme ultraviolet lithography machines that manufacture the world's most advanced chips. Without ASML, leading AI chips simply cannot be made.
• Broadcom is the second-largest AI chip supplier behind Nvidia. Its accelerator revenue jumped 840% between Q1 2023 and Q1 2026, driven by custom chip partnerships with Google, Meta and, increasingly, Anthropic and OpenAI.
• Marvell Technology focuses on AI networking chips — the backbone of large-scale AI data centres.

Software and cloud platforms

• Microsoft is the most commercially advanced AI deployer among big tech. Azure AI infrastructure, the Copilot suite, and its deep partnership with OpenAI are generating measurable enterprise revenue at scale.
• Amazon operates AWS, the world's largest cloud provider by revenue. It also offers Bedrock (its managed AI service platform) and custom AI chips through Trainium and Inferentia.
• Alphabet (Google) runs Gemini and Google Cloud AI. They've got the talent and the data.
• Meta open-sourced its LLaMA models. A bold move. Its AI infrastructure is impressive, though advertising is still the main business.
• Salesforce has embedded AI into its CRM platform through Einstein AI, targeting enterprises that want intelligent automation across sales, service and marketing.

AI-native and high AI-exposure stocks

These companies have built their entire value propositions around AI. They are among the most direct expressions of the theme, and correspondingly more volatile.

• Palantir Technologies provides AI-powered decision intelligence platforms to governments and large enterprises. It has risen over 500% since 2022. But it trades at a P/E above 150, so position sizing matters.
• CrowdStrike applies AI to cybersecurity through its Falcon platform. As enterprises expand their AI infrastructure, the attack surface grows with it. AI-native security is a structurally supported play.

Diversified exposure via AI ETFs

• L&G Artificial Intelligence UCITS ETF — tracks a basket of global companies generating revenue from AI across the value chain
• Xtrackers Artificial Intelligence and Big Data UCITS ETF — broad AI and data infrastructure exposure
• Amundi MSCI Robotics & AI UCITS ETF — robotics and automation alongside AI

ETFs reduce single-name concentration risk in a sector where winners and losers are still being determined. Note that all instruments on OANDA are traded as CFDs, not physical shares.

See our guide to algorithmic trading and hydrogen shares forecast for further reading on thematic sector trading.

Risks to consider

The AI trade comes with real risks. Here are three to watch.

• Valuation: Many AI stocks trade at elevated multiples. Even after a 23% pullback this year, Palantir trades at a P/E above 150. A sentiment shift can produce sharp drawdowns quickly.
• Concentration risk: The top ten stocks account for over one-third of the entire US Market Index. Broad market drawdowns hit concentrated AI-heavy portfolios hard.
• Geopolitical exposure: Export restrictions hit the chip sector directly. Nvidia reported zero shipments of Hopper products to China in Q1 2026, compared to $4.6 billion a year earlier.

Conclusion and future outlook

The AI stock rally is real. It's broad. And increasingly, it's backed by earnings rather than expectations.

Semiconductors have been the clearest winners. That means Nvidia, AMD and ASML. Cloud and software exposure offer a more diversified angle. Think Microsoft, Amazon and Salesforce.

Want pure-play AI exposure? Palantir and CrowdStrike are among the most direct expressions of the theme. Just remember the volatility that comes with it.

Open a free demo account to explore the sector before committing capital.

FAQ

What are AI stocks? 

Shares of companies that design, build or deploy artificial intelligence technology. That spans semiconductors, cloud platforms, enterprise software and cybersecurity.

Which AI stocks can I trade on OANDA? 

OANDA offers CFDs on Nvidia, AMD, Intel, ASML, Marvell, Microsoft, Alphabet, Amazon, Meta, plus leading software names like Salesforce, Oracle, Adobe and Broadcom. Three dedicated AI ETFs are also available.

Can I trade every AI stock mentioned on OANDA?

Not necessarily. Availability can vary. OANDA offers over 2,200 global shares as CFDs, including most major US tech names. But some mid-cap or niche AI stocks may not be available. Always check the OANDA platform directly for current offerings.

What is the difference between AI hardware and software stocks?

Hardware stocks build the infrastructure AI runs on. That means chipmakers, memory producers and data centre suppliers. Software stocks build the applications that use it.

This article is for informational purposes only and does not constitute investment advice or a recommendation. CFDs are complex instruments and carry a high risk of rapid loss of capital due to leverage. Please ensure you understand the risks involved.