If you're looking for artificial intelligence (AI) stocks with maximum upside potential, look no further than Nvidia (NVDA 0.79%), Nebius (NBIS 1.03%), and IonQ (IONQ 1.76%). As investments, they range in risk level from low to extreme, and their potential returns on investment are in line with those levels. But in my view, all three look like great long-term buys today.
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Nvidia
You may be thinking, "Nvidia is already the largest company in the world, how much more upside could it even have from here?" I think that's a fair question, but the reality is the AI infrastructure build-out is still picking up steam. All of the massive AI data center projects announced last year will take years to come online, stretching out the timeline for the purchase of the chips that will power them. Nvidia believes that global data center capital expenditures will climb to between $3 trillion and $4 trillion annually by 2030, up from around $600 billion in 2025.
NASDAQ: NVDA
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If that transpires and Nvidia maintains its market share, the stock could easily double, if not triple, from here. However, it's not a completely risk-off bet.
There are a handful of companies challenging Nvidia for pieces of the AI processor market it dominates, most notably its biggest customers: the AI hyperscalers. Those tech giants are partnering with other companies to design and create their own AI chips. These chips, which are narrowly tailored for the specific types of workloads they will handle, often offer better price performance for training and inference. Nvidia's processors, by contrast, are far more flexible. There is plenty of market for both types of chip, but how much market share Nvidia retains will define its success.
The future is still bright for Nvidia, but it does have challenges ahead.
Nebius
Nebius is a neocloud company, meaning it is focused on building and running AI-first cloud infrastructure -- demand for which is booming. Nebius believes that its annual run rate will rise from $1.25 billion at the end of 2025 to between $7 billion and $9 billion by the end of 2026. That massive growth forecast showcases the huge demand for Nebius' full-stack setup.
NASDAQ: NBIS
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However, the company doesn't have the cash on its books to fund all of this expansion on its own, so it's borrowing heavily. That rising debt load could become a huge liability for the company if its all-in bet on the longer-term demand for its data center infrastructure doesn't pan out. Still, considering the massive demand it has thus far experienced and the major deals it's signed, I think Nebius could become an AI infrastructure giant over the next few years.
IonQ
IonQ is a different investing flavor than Nvidia and Nebius. It is solely focused on bringing a viable quantum computer to market. If it fails at this, then its stock is likely to fall to $0. While that may sound like a scary prospect, the reality is that IonQ is already a leader in its space, and currently holds the world record for the most accurate quantum computer by one key metric. That's a big deal considering that bringing down quantum computing's high error rates is one of the primary challenges that must be overcome before the technology will be broadly commercializable. Quantum computing has significant implications in the AI sector and could be the technology needed to unlock further capabilities.
NYSE: IONQ
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The risk here is obvious: One of the many other competent quantum computing companies could beat IonQ to the punch. However, based on its accuracy lead and its involvement in military contracts, I think that risk is starting to fade a bit. IonQ is a top way to invest in quantum computing, and if that technology evolves far enough to allow for widespread usage, the stock has a ton more upside potential.
