It's easy to get swept up in the hype surrounding artificial intelligence (AI). Some of the predictions experts are making won't come true. On the other hand, they could be underestimating the changes AI could bring in some ways. That's how it's always been in the early days of a game-changing technology.

Make no mistake, though: AI is a game-changing technology. And it presents what almost certainly is a once-in-a-generation investing opportunity. There are many good choices for investors, but a few especially stand out. Here are my five favorite AI stocks to buy in May, listed alphabetically.

1. Alphabet

Underestimate Google parent Alphabet (GOOG 1.13%) (GOOGL 1.27%) at your peril. Sure, the company has had a few missteps with its launches of generative AI models. However, Alphabet remains one of the leading innovators in AI with a boatload of cash to invest in research and development.

Alphabet CEO Sundar Pichai boasted recently that Google has "the best infrastructure for the AI era." While that's debatable, he could be right. Thanks to the AI explosion, Google Cloud is unquestionably well-positioned to deliver tremendous growth.

But could AI render Google Search obsolete? I don't think so. Pichai noted that Google's testing has found increased search usage and higher user satisfaction among people who use its new AI overviews. He stated the company has "clear paths to AI monetization through ads and cloud as well as subscriptions." I agree.

2. Amazon

Amazon (AMZN -0.58%) is another AI pioneer with plenty of room to run. Some might have thought the company would be left behind in the AI race after OpenAI took the world by storm with ChatGPT. If so, they were proved wrong.

Last year, Amazon rolled out wave after wave of new AI technology. As a result, Amazon Web Services (AWS) appears to be in a strong position to maintain its position at the top of the cloud services market. As more AI apps are deployed in the cloud, AWS should grow much larger.

Amazon is also using AI to improve its internal efficiency and help customers. I expect these efforts will continue to show up on the company's bottom line.

Founder Jeff Bezos instilled the mindset that it's always "day one" at Amazon (i.e., the company will always think and act like a start-up). With AI, it really is "day one" at Amazon.

3. Intel

Intel (INTC 0.71%) might be the most surprising pick on this list. The chipmaker has lost the mojo it once had, losing market share to rivals with less expensive solutions and missing out on the GPU boom.

However, I predict Intel will make a big comeback. The company at long last has some of its swagger back. Intel recently introduced a new AI chip to compete head-to-head with Nvidia, the industry's 800-pound gorilla.

Intel's shares trade at a super-low price-to-earnings-to-growth (PEG) ratio of 0.5, according to LSEG. Even if analysts' growth projections incorporated into this valuation metric are way off, Intel is one of the cheapest AI stocks on the market.

4. Meta Platforms

Investors bailed on Meta Platforms (META 2.05%) after the company's recent first-quarter update. Meta didn't report disappointing numbers; its revenue and earnings looked great. Instead, the company's projection of higher expenses due to AI and metaverse investments and CEO Mark Zuckerberg's focus in the earnings call on these current money-losing initiatives caused the sell-off.

I think this negative reaction to Meta's update was short-sighted. Zuckerberg mentioned in the Q1 call that the company has experienced significant volatility in the past when it was still in the early stages of investing in new technology. He noted, though, that investors who didn't throw in the towel were rewarded over the long term. I suspect we'll see this pattern play out with Meta's investments in AI and the metaverse.

Like Alphabet and Amazon, Meta is using AI to boost the monetization of its social media platform. The company is also integrating AI into business messaging and smart glasses. I view Meta as a potential sleeping giant (that's really not sleeping) in the AI world.

5. UiPath

I'm not completely biased toward huge AI stocks. UiPath's (PATH 2.67%) market cap is only around $11 billion. This relatively small size is an advantage, in my view.

UiPath is a leader in robotic process automation software. It uses AI extensively throughout its platform. One of the company's AI products even ranked among Time's Best Inventions of 2023.

Since mid-2022, UiPath's annualized revenue run rate has increased by a compound annual growth rate of 32%. The company achieved profitability in its latest quarter. Even though it's been in business for nearly 20 years, UiPath is still only in its early innings.