You might have experimented with ChatGPT or some of the other large language models, which are part of a new frontier where artificial intelligence (AI) changes the world around us. Is this a new reality or a fad? Considering the tens of billions of dollars corporations are spending in a technological arms race, it's probably safe to say AI isn't going anywhere.

That said, having some AI exposure in your stock portfolio would be wise. We are seemingly in the early stages of understanding what AI can do today and what it can do in the future. It's critical to think in terms of decades and invest in companies poised to profit from every step forward AI takes.

After sifting through Wall Street's best, Nvidia (NVDA 3.72%), Snowflake (SNOW 2.33%), and Palantir Technologies (PLTR 0.82%) stood out as companies already winning today and poised to continue their success for years.

Here is what you need to know.

The early AI king wears the crown

Nvidia's early and commanding lead in the semiconductor AI race has gotten much investor attention. Its shares soared over 400% over the past few years after it became clear that AI tailwinds significantly boosted Nvidia's data center business. Nvidia's graphics processing unit (GPU) chips specialize in demanding computing applications like AI, and the company's CUDA software made it easy for customers to harness the chips' power.

Today, analysts believe Nvidia's market share for AI chips could be between 80% and 90%, a staggering figure for an industry that could grow to hundreds of billions of dollars by the early 2030s. Remember that Nvidia's total revenue was $61 billion over the past four quarters, so there is a lot of potential growth ahead -- even if competition slowly eats into Nvidia's stranglehold on market share.

Nvidia's competitive edge strengthens the longer it commands the AI chip market. The company's free cash flow jumped to $27 billion over the past year, a financial war chest it can use to develop cutting-edge chips and outspend others. It also means investors could see sizable share repurchases over the coming years, which will only enhance total investment returns.

Snowflake makes using data easier

Chips do the computing work in AI, but data is the oxygen that brings AI alive. An AI model is only as effective as the data it's trained on, which makes a company like Snowflake very valuable. Snowflake is a cloud-based data storage and analytics platform that enables customers to store their data and easily query it or enhance it by introducing third-party data from its marketplace. Snowflake integrates with the major cloud platforms, so combining cloud computing with customers' data makes AI models work.

Financially, Snowflake could virtually grow endlessly. Data grows exponentially, and Snowflake's billing is consumption-based. The more data companies store and analyze, the more they spend on Snowflake. The company boasts a stellar net revenue retention rate of 131%, meaning Snowflake can sustain double-digit growth without adding customers.

But Snowflake is adding customers. It has 9,437 customers today, up from 7,744 a year ago. There are thousands of corporations worldwide, meaning that Snowflake could be at the beginning of a multi-decade growth story.

Palantir's technology elevates businesses

Artificial intelligence could eventually be everywhere, but few companies will build their AI applications from the ground up. Palantir Technologies plays a significant role in delivering turnkey applications. It operates three platforms, Gotham, Foundry, and AIP, where custom software can be built and deployed. Palantir built its business with the U.S. government but has since expanded to the private sector. Today, Palantir's revenue is roughly 50-50 split between public and private sectors.

The company's commercial potential is the primary reason investors should consider Palantir a multi-decade investment. Today, Palantir has "just" 497 customers. We called Snowflake, a company closing in on 10,000 customers, a business with tons of room to grow. Based on that logic, Palantir has even more room to grow over the coming decades.

Financially, Palantir is already in great shape. The company is profitable on a generally accepted accounting principles (GAAP) basis and generated $2.2 billion in revenue last year. It generates $697 million in annual free cash flow and has a fortress-like balance sheet with $3.6 billion in cash against zero debt. Again, this is a financially rock-solid business with much growth ahead. These aspects of a stock can create stellar investment returns for years.