More than three years after the launch of ChatGPT, the AI trade is well-established. Plenty of money has been made in stocks like Nvidia, which alone has added about $4 trillion in market value since OpenAI debuted its chatbot.
However, there is still plenty of potential growth out there in the AI boom, and, despite some fears of bubble, the technology still appears to be early in its evolution. On that note, here is an AI stock that has the potential to help you become a millionaire.
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Axon Enterprise
Few companies dominate their niche the way Axon Enterprise (AXON +2.48%) does. After a series of product innovations and acquisitions, Axon is the clear leader in the law enforcement technology industry. It makes TASER electrical stun guns, body and dashboard cameras, and it offers a suite of software to help agencies manage evidence, records, investigations, and more.
That formula has made Axon a big winner on the stock market, and shares are up 2,570% over the last decade, but the stock is also down more than 40% from its recent peak as software stocks have faced pressure over fears of AI disruption.
However, Axon is both putting up strong growth numbers and rolling out a slew of new AI innovations.
In 2025, the company reported 33% revenue growth to $2.8 billion, and the top line jumped 39% in the fourth quarter to $797 million, showing its momentum is building. It made $124.5 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).
NASDAQ: AXON
Key Data Points
What Axon is doing with AI
What's more exciting than Axon's numbers is what the company is doing with AI. In 2024, it introduced Draft One, a generative AI tool that writes first drafts of police reports using Axon camera footage. It's a unique tool that saves officers time and reinforces the complementary benefits of Axon's products.
Axon has since built out that platform to include the Axon Assistant, a voice-activated AI companion that operates directly in Axon's body cameras. Axon Assistant can handle real-time translation and has a policy chat function that answers questions about policy questions.
The company said these are first-of-their-kind advancements for its customers, and plans to announce more AI innovations at its Axon Week conference in May.
Overall, Axon has the growth potential, technological differentiation, and competitive advantages to deliver strong growth for investors. Axon stock may be expensive, but it expects revenue to reach $8 billion by 2028, nearly tripling by then. If it can do that, the stock has the potential to move a lot higher from here.
