Artificial intelligence (AI) stocks have been leading the S&P 500 higher over the past few years amid excitement about this potentially game-changing technology. Importantly, AI has started to demonstrate its strengths as companies already are generating billion-dollar revenue through sales of AI tools -- and others are seeing results as they apply these products to their businesses.
Though AI stocks have encountered some rough patches in recent months, and the geopolitical backdrop has weighed on appetite for growth stocks, the long-term AI story remains intact. But I don't think the same AI companies will continue to lead gains year after year.
My prediction is the AI stocks that win in 2026 won't be the same ones that won in 2025. Let's consider what might unfold in the months to come -- and which stocks may come out on top.
Image source: Getty Images.
Nvidia, CoreWeave, and Nebius
Last year, investors rushed to get in on companies that went all in on AI, or those specialized in this technology. By this, I mean players like AI chip leader Nvidia, and neocloud companies CoreWeave and Nebius Group.
Nvidia powers key AI tasks with its graphics processing units (GPUs) and sells complete systems that support customers' AI projects. Meanwhile, CoreWeave and Nebius offer AI customers access to GPUs -- and they specialize in AI workloads. All of this has turned into explosive revenue growth, in the double and triple digits, for these three companies.
Though these companies should continue to see impressive growth and benefit from the next chapters of the AI story, my prediction is that investors may rotate into a set of companies that are key players in AI but also have broader businesses that aren't specifically linked to this hot technology.
They may do this for two reasons: First, some of these players haven't advanced as much as the stocks I just mentioned, so there may be more potential for stock performance. And second, these players may attract investors who are a bit more cautious and aim to get in on companies that are less reliant on AI growth.
The following four companies fit the bill. Their shares advanced last year, but to a lesser extent than the AI leaders I mentioned above.
An overlooked AI player
Many AI investors overlooked Apple (AAPL 0.87%) as the company joined the AI market later than its peers, only launching AI features, called Apple Intelligence, in late 2024. But the company may now benefit as customers spend more time on their Apple devices thanks to these features -- Apple's customers are already loyal, but these AI elements may reinforce that loyalty.
NASDAQ: AAPL
Key Data Points
Investors also might turn to Apple as it's delivered growth over time, and this is on track to continue due to this loyalty of customers, and more recently, their use of Apple services. Service growth has been reaching record levels quarter after quarter.
Microsoft (MSFT +2.11%), Amazon (AMZN +3.47%), and Oracle (ORCL 1.70%) -- like CoreWeave and Nebius, mentioned above -- each operate in the cloud space. They have seen tremendous demand as customers rush to cloud platforms to run AI workloads. But these market giants also have significant business beyond AI, and growth here has been marching higher, too. This broad reach across customers and programs should comfort investors who are looking to get in on AI but also worry about any potential AI slowdowns or hiccups that could arise during the coming years.
Amid geopolitical and economic concerns, cautious investors also may favor these players that generate revenue from a variety of business areas. For example, Microsoft brings in revenue from its software and advertising, while Amazon also has an enormous e-commerce business. We don't know how long the war in Iran will last or when economic concerns may ease, of course, but as long as they are present, investors may favor companies that offer elements of safety.
I still think last year's leading AI stocks have a great deal of potential and could continue to climb this year and beyond -- but for the reasons I just mentioned, my prediction is they may not be the biggest winners of 2026.
