Financial analysts expect big things from artificial intelligence (AI), some even suggesting that it may be as big as the introduction of the iPhone. AI could add an estimated $15.7 trillion to the global economy by 2030.

No doubt, tech giants like Microsoft, Apple, and Alphabet will be winners in an increasingly digital world. But the biggest investment returns could come from the lesser-known names -- the big tech companies of tomorrow.

Three Fool.com contributors have identified three promising AI stocks with immense long-term upside.

A tech company living on the edge of AI

Justin Pope (Palantir Technologies): Data analytics company Palantir Technologies (PLTR 1.38%) works with some of the most secretive areas within the U.S. government. Its software platforms build analytics and AI solutions that crunch vast amounts of data and help organizations make critical decisions in real time. Your product must be cutting-edge when aiding a military operation or protecting national security.

Palantir recently launched its Artificial Intelligence Platform (AIP). With this new software platform, customers can activate large language models (like ChatGPT) and other AI applications and integrate them with Palantir's existing machine-learning technology. CEO Alex Karp noted in the company's recent first-quarter earnings letter that demand for AI tools is unprecedented. The AIP platform could entrench the company as a leader in helping companies (and governments) implement new AI technology.

Financially, Palantir is rapidly gaining steam. It posted a generally accepted accounting principles (GAAP) profit in Q1, and Karp noted that the business should remain GAAP profitable in all quarters of this year. The company has deep pockets, nearly $3 billion against zero debt. A strong balance sheet gives Palantir flexibility to invest in growth, acquire emerging competitors, or repurchase shares to offset stock-based compensation, a common criticism of the company.

Palantir remains poised to continue working closely with the government while commercial growth keeps gaining momentum. The company grew its commercial customer count to 280 in Q1 from 184 a year ago. While the shares still trade near their direct-listing price of $10 in 2020, investors can  now buy stock in a much more developed business.

Duolingo's long-standing bet on AI is paying off

Jake Lerch (Duolingo): Many investors may have never heard of Duolingo (DUOL 2.82%), the maker of a language-learning app. Even fewer may know that Duolingo works hand-in-glove with OpenAI's GPT-4 AI system.

However, Duolingo's latest blowout quarter will likely help spread the word. The company reported stellar results, led by the following highlights:

  • Daily active users (DAUs) grew 62% year over year.
  • Paid subscribers rose 63% year over year.
  • Revenue jumped 42% year over year.
  • The company raised full-year revenue guidance.

More to the point, Duolingo dedicated a significant portion of its shareholder letter to describing how the company relies on AI.

The company has a long-standing relationship with OpenAI, the maker of GPT-4. Through this partnership, Duolingo leverages GPT-4 to generate language phrases for its app, improve the accuracy of its standardized English language test, and perform real-time chat via its Roleplay feature.

The truth is, many companies will begin to see the power of utilizing AI systems like GPT-4 to streamline their businesses -- Duolingo is just one of the first. So for investors looking to capitalize on a company that has hitched its wagon to the rising star of AI, look no further than Duolingo.

This company's AI crowds out cybercriminals 

Will Healy (CrowdStrike): Cybersecurity is one industry that will need AI to fend off cyberattacks, and among the better-positioned companies to utilize AI technology is CrowdStrike (CRWD -0.01%). CrowdStrike stands out for its endpoint protection products, an area of vulnerability in the cloud. CrowdStrike also derives its name from its ability to crowdsource data to identify potential attacks.

Moreover, machine learning (ML), an AI application, is critical to this security platform. CrowdStrike employs ML tools in its Falcon platform to detect the most advanced threats and minimize the number of false positives. In other words, it stops attacks with its visibility across domains in addition to preventing incursions through its AI-powered indicators of attack (IOAs).

Those AI capabilities have likely helped boost the financials of the cybersecurity stock. In fiscal 2023 (ended Jan. 31), its $2.2 billion in revenue rose 54% compared with fiscal 2022. The 41% growth in customers and a dollar-based net retention rate exceeding 125% each quarter (meaning its average long-term customer spent at least 25% more on the platform than last year) helped bolster revenue levels.

Indeed, the company's net losses continued as stock-based compensation costs weighed on the bottom line. Nonetheless, CrowdStrike generated $677 million in free cash flow in fiscal 2023. That represented a 53% increase year over year.

Also, the stock price appears to have stabilized after a sustained sell-off beginning in late 2021. Even though it has fallen more than 55% from its all-time high, CrowdStrike is up almost 25% in the calendar year. Furthermore, its price-to-sales (P/S) ratio of 14 is only slightly higher than rival Zscaler at 12 times sales.

Admittedly, the comparatively high sales multiple and continued losses may deter some investors. However, with its rapid revenue growth and AI capabilities, investors may still consider CrowdStrike a good AI stock to buy despite those concerns.