All anyone is talking about these days seems to be artificial intelligence (AI). AI stocks like Nvidia are trading at a market cap of around $4.3 trillion, while private AI companies like OpenAI and Anthropic are raising tens of billions of dollars from private markets.
That's a lot of money already committed to AI. But does that mean there is no more juice left to squeeze from the AI bull market? Far from it. While stocks like Nvidia may trade at expensive earnings multiples, there are still technology stocks that will benefit from the AI revolution and continue to trade at reasonable prices.
Here are two top AI stocks to buy in March for your portfolio.
Image source: Getty Images.
Alphabet's major advantages
The most underrated winner in AI might be Alphabet (GOOG 1.45%) (GOOGL 1.45%). It is a technology conglomerate that owns Google, YouTube, Android, Google Cloud, and Waymo. It has also developed the fast-growing Gemini AI chatbot.
All these businesses should benefit from the global adoption of AI. Google Search uses AI in its results, making it easier for customers to find information about the world and, therefore, increasing the overall number of queries globally. More queries should mean more potential advertising revenue, which grew 17% year over year last quarter to $63 billion. This AI enhancement will apply to other Alphabet properties, such as YouTube or Waymo.
In addition to consumer improvements, AI is making inroads into more effective advertising targeting, which should be another boost to revenue. The Gemini chatbot now has 750 million monthly active users (MAUs) on its mobile app, earning revenue from paying users and businesses for its pro plan.
NASDAQ: GOOGL
Key Data Points
The Alphabet segment that benefits most from AI is Google Cloud. Cloud revenue grew an astonishing 48% year over year last quarter to $17.7 billion and is seeing increasing operating margins at scale. All sorts of other AI companies are using Google Cloud's data centers and AI expertise to run their own software applications, driving enormous demand.
Today, Alphabet stock trades at a price-to-earnings (P/E) ratio of 29, which is not overly expensive for a business growing consolidated revenues at 18% year over year. This makes Alphabet a great AI stock to buy for your portfolio in March.
Amazon's lucrative relationship
A company once thought to be left behind in the AI revolution is Amazon (AMZN 1.44%). On a percentage basis, its cloud computing division is growing more slowly than the competition. It does not have a leading AI chatbot, although it does have its Rufus bot for Amazon e-commerce shopping.
What Amazon does have -- along with a bunch of other profitable business segments -- is a lucrative relationship with AI lab Anthropic. Anthropic's core cloud computing partner is Amazon Web Services (AWS), and Amazon is even working with the lab to optimize its custom-built computer chips for training and running AI models.
NASDAQ: AMZN
Key Data Points
Anthropic's revenue has grown from a run rate of $100 million two years ago to $14 billion today. Much of this revenue is being spent internally, building up AWS cloud computing to train new AI models and run inference for customers.
Last quarter, AWS's revenue growth accelerated to 24% year over year, reaching $35.6 billion. A lot of this growth can be attributed to Anthropic and its massive spending budget. Revenue growth should accelerate even more in 2026 if Anthropic can keep growing its own revenue this quickly.
What's more, Amazon still has its core AWS division that should produce steady growth, along with its dominant e-commerce marketplace. Retail sales in North America hit $426 billion in 2025, up 10% year over year, and with expanding profit margins.
Today, Amazon stock trades at a P/E ratio of 29, which is very similar to Alphabet. Both businesses look poised to grow revenue at a healthy double-digit rate in 2026, which should lead to nice stock returns for shareholders who buy in March.
