Interest in artificial intelligence (AI) is exploding, and the $208 billion global market for AI is projected to exceed $1.8 trillion by 2030, according to Statista. That's a lot of wealth creation coming down the pike. Investors looking for wealth-building stocks would be wise to check out the leaders of this emerging opportunity.

Advanced Micro Devices (AMD 2.37%) and Alphabet (GOOGL 10.22%) (GOOG 9.96%) are two leading tech stocks that Wall Street is increasingly bullish on. Shares of AMD and Alphabet are up 126% and 57%, respectively, over the last year, trouncing the 40% return of the Nasdaq Composite. Stocks that outperform coming out of a market correction like the one in 2022 can be forward indicators of which companies are likely to outperform in the new bull market.

Here's why these two stocks are poised for market-beating gains from these highs.

1. Advanced Micro Devices

Analysts at KeyBanc Capital Markets recently raised their price target on Advanced Micro Devices stock to $270, representing a 52% upside over the current share price of $178. AMD is well-positioned to jump into the data center AI GPU market this year with its new MI300x chips.

AMD is seeing strong momentum in its data center business as it ramps up new products. In the fourth quarter, it said revenue grew 38% year over year, and it's just getting started. AMD sees the market for this hardware growing to approximately $400 billion by 2027.

"We have built excellent customer traction based on the strength of our multiyear AI hardware and software road maps, and we see clear opportunities to drive our next wave of growth as we deliver leadership AI solutions across our portfolio," CEO Lisa Su said on the company's fourth-quarter earnings call in late January.

Meanwhile, AMD continues to deepen its relationship with Microsoft to develop the next generation of AI-powered PCs in the consumer space. AMD says its Ryzen CPUs power more than 90% of the AI PCs on the market.

The momentum in data center GPUs and AI PCs shows AMD well positioned to deliver returns to shareholders over the next decade. The stock is richly valued at a forward price-to-earnings (P/E) ratio of 50, but this reflects Wall Street's expectation for earnings to double over the next three years to $7.17.

The company will have to report impressive growth to hit the analyst's target this year, but regardless of how it performs in the near term, I believe AMD is a great stock to hold for the long haul.

2. Alphabet

Analysts at Wolfe Research recently raised their price target on Alphabet to $180, representing an upside of 29% over the current share price. The parent company of Google is seeing early signs of positive returns from its AI tools, which could lead to substantial growth in its advertising revenue.

Advertising is a cyclical business that can swing with the health of the broader economy. The company's ad revenue slumped in 2022 over macroeconomic headwinds, but as the economy warms up again, ad revenue is firming up. Google's ad revenue grew 11% year over year in the fourth quarter, and AI is already looking like a catalyst for more growth.

The company recently unveiled version 1.5 of its Gemini AI model. Google is using Gemini to help advertisers accelerate the creation of ad campaigns in Search. It is also serving as the brains behind Bard, a search tool powered by generative AI.

Alphabet is also seeing strong growth in its subscription offering Google One, which offers cloud storage and access to other Google products. It is looking to bring more AI features to users that could expand its already sizable subscriber base of over 100 million.

Of course, AI also plays a vital role in the Google Cloud enterprise business, which is just starting to turn a more consistent profit after years of losing money. As you can see, AI is foundational to the whole business, which is why Wolfe Research is right to be bullish on the stock's prospects.

The consensus analyst estimate has Alphabet reaching earnings of $8.85 by 2026. The stock is trading at a reasonable forward P/E of 21, which could justify the stock hitting the analyst's price target this year, with more gains to come.