When people think of artificial intelligence (AI), chatbots like ChatGPT, Perplexity, Grok, and a host of others are probably the first things to come to mind.
But this is just a small part of the total industry. AI is a broad umbrella encompassing generative AI, speech recognition, robotics, predictive analysis, and more. Pharmaceutical companies are utilizing AI to aid in drug discovery, banks are employing it for fraud detection, and even the military, through platforms like Palantir Technologies' AIP, is leveraging the technology.
This means opportunities for investors that go beyond the prominent big tech names. Here are two to consider.
Image source: Getty Images.
1. Aehr Test Systems
It's been a rough couple of years for Aehr Test Systems (AEHR 0.77%). Aehr's primary business is providing equipment to test silicon carbide (SiC) semiconductors (chips). These chips are critical for electric vehicles; however, demand has been weak recently. This is reflected in the stock price, which plummeted from highs of over $50 per share in 2023 to lows of below $7 per share in 2025. But things are changing fast for the better.
NASDAQ: AEHR
Key Data Points
Aehr's solutions are being adapted to test chips used in data centers, namely those required to handle the massive needs of AI. To increase efficiency and performance, semiconductors are vertically integrated, or "stacked."
The downside to this is that a single failing chip can cause the entire stack to fail. These chips must have extremely low failure rates to be effective. Hyperscalers, many of whom are now developing their own AI chips, are turning to Aehr for assistance with critical testing.
The global chip market is gigantic and growing fast. It is expected to reach $92 billion this year, a significant increase over previous years, as shown.
Aehr's stock is on the rise as investors believe its pivot to AI will turn around its results. Revenue fell to $59 million in fiscal 2025 from $66 million in fiscal 2024, while it posted an operating loss of $6 million versus a profit of $10 million over the same periods.
However, the optimism is justified. The company's backlog ballooned to $15 million as of May 2025 against just $7 million the year before. While the stock trades well over its lows now, it is still far below its all-time highs. The stock could return to its glory days if Aehr continues to win contracts with AI hyperscalers.
2. Figma
Few industries are being transformed by AI more than the graphic design field.
There are two primary ways it is changing. First, formerly time-consuming tasks, such as adjusting layouts, erasing backgrounds, and cropping, are being automated, freeing up human designers to focus on ideas and creation.
Second, generative AI is capable of creating unique images based on user inputs. It's pretty amazing, but it does have its limitations. Among other things, it lacks the originality that humans possess, so marketers and designers remain crucial. But it is a terrific way to test ideas quickly.
Cloud-based design software Figma (FIG 5.95%) IPO'd on July 31 to tremendous fanfare. The IPO price of $33 per share quickly tripled, reaching a high of $122 shortly after its debut. It has returned to Earth somewhat, trading at $70 per share and boasting a market capitalization of $34 billion as of Sept. 2.
Figma is a significant competitor to Adobe. Actually, Adobe attempted to acquire it for $20 billion in 2022, but the merger was denied by regulators. Now, the competition is fierce.
Figma's sales are booming. Its sales grew from $500 million in 2023 to $750 million in 2024 to $820 million over the last 12 months. As shown, its revenue is growing much faster than Adobe's.
Data by YCharts.
Figma reports having more than 13 million monthly active users and a 95% utilization rate among Fortune 500 companies. Figma is a newly public company that AI investors should be aware of and follow closely. However, the current valuation is steep.
While it is growing faster than Adobe, Adobe is more established, with $23 billion in trailing-12-month revenue. Figma trades at a stock price of 42 times sales. This drops to 34 on a forward basis, but is significantly more expensive than Adobe at 7 times sales. For this reason, investors should adopt a cautious and patient approach to purchasing Figma stock.
