As the artificial intelligence (AI) market continues to grow, there are many AI stocks for investors to choose from on top exchanges like the NASDAQ, TSX and ASX.
AI technology has made strong inroads into several key industries, including logistics, manufacturing, finance, healthcare, customer service and cybersecurity.
The technology has been around for a long time, but this current wave of buzz comes after the release of OpenAI’s ChatGPT, a generative AI platform. This intelligent chatbot shows how quickly generative AI is advancing, and it has led to many other major tech firms entering the space with their own generative AI offerings or including AI technology into their innovative products.
On a global scale, Fortune Business Insights predicts that the AI industry will experience a compound annual growth rate of 29.2 percent between 2025 and 2032 to reach a market value of more than US$1.77 trillion.
American AI stocks
According to Tracxn Technologies, the number of US AI companies has more than doubled since 2017, with over 84,950 companies working in the sector today.
One of the major factors fueling growth in the American AI market, states Statista, is “the growing investments and partnerships among technology companies, research institutions, and governments.’
Below are three of the top US AI stocks by market cap. For more US AI stocks, check out our list of 12 generative AI stocks and 5 AI ETFs.
1. NVIDIA (NASDAQ:NVDA)
Market cap: US$2.89 trillion
Share price: US$118.53
The global leader in graphics processing unit (GPU) technology, NVIDIA is designing specialized chips used to train AI and machine-learning models for laptops, workstations, mobile devices, notebooks and PCs.
The company is partnering with a number of big-name tech firms to bring various key AI products to market.
Through its partnership with Dell Technologies (NYSE:DELL), NVIDIA is developing AI applications for enterprises, such as language-based services, speech recognition and cybersecurity.
The chipmaker has also been instrumental in the buildout of Meta Platforms’ (NASDAQ:META) AI supercomputer. Called the Research SuperCluster, it reportedly uses a total of 16,000 NVIDIA GPUs.
In early 2024, Taiwan Semiconductor Manufacturing Company (NYSE:TSM) and NVIDIA released the world’s first multi-die chip specifically designed for AI applications: the Blackwell GPU. Blackwell’s architecture allows for the increased processing power needed to train larger and more complex AI models.
At its March GTC 2025 conference, dubbed the AI Woodstock, NVIDIA CEO Jensen Huang made a series of important announcements including the Blackwell Ultra AI chip and its next-generation Vera Rubin platform.
2. Microsoft (NASDAQ:MSFT)
Market cap: US$2.88 trillion
Share price: US$386.84
Microsoft has committed billions to OpenAI, but the tech behemoth has also built its own AI solutions based on the chatbot creator’s technology: Bing AI and Copilot. OpenAI officially licensed its technologies to Microsoft in 2020.
In late May 2024, Microsoft unveiled its Copilot+ Windows PCs, its first range of AI-equipped PCs. According to the company, they are the “fastest, most intelligent Windows PCs ever built.”
After receiving criticism over security flaws, Microsoft announced in late September that it had made changes to the Copilot+ exclusive Recall software, which used AI to create screenshots of everything users do on their computers.
An update to Windows 11 in October 2024 included upgrades to the Copilot artificial intelligence platform capabilities, including the introduction of the ability to speak directly to the AI helper.
Microsoft’s moves into generative AI have translated into higher revenues for its Azure cloud computing business and a higher market capitalization — the tech giant pushed past the US$3 trillion mark in January 2024 and its managed to maintain that level up until the recent stock sell-off as a result of tariffs and trade wars by US President Donald Trump.
In January 2025, Microsoft announced an US$80 billion investment in US-based AI infrastructure, followed by the integration of AI tools into Microsoft 365.
3. Alphabet (NASDAQ:GOOGL)
Market cap: US$2.0 trillion
Share price: US$162.80
Alphabet holds court with both Microsoft and NVIDIA as part of the tech sector’s Magnificent 7, and its foray into AI has similarly brought the tech giant much success. The company has created the AI chatbot Gemini, formerly known as Bard, which is integrated into products such as its Google Suite, the Chromecast browser and the Google Pixel phone line.
Alphabet’s market cap surpassed the US$2 trillion mark in April 2024. That same month, Google introduced a custom AI chip designed for its cloud services customers. The technology uses British semiconductor company Arm Holding’s (NASDAQ:ARM) AI architecture. In the same week, Google revealed its new A3 Mega AI processor based on NVIDIA’s H100 Technology.
In September 2024, Google partnered with automaker Volkswagen (OTC Pink:VLKAF,ETR:VOW) to launch a smartphone-app-integrated AI assistant for Volkswagen drivers.
At the NVIDIA GTC 2025 conference, Alphabet and NVIDIA announced a series of AI-focused partnerships in the sectors of robotics, drug discovery and manufacturing.
Canadian AI stocks
Recognized as a world-leading AI research hub, Canada ranks eighth out of 83 countries in the Global AI Index. Since 2017, the Canadian government has invested hundreds of millions of dollars into accelerating the research and commercialization of AI technology in the country through the Pan-Canadian AI Strategy.
Research by IBM (NYSE:IBM) shows Canadian businesses are increasingly adopting AI, with 56 percent of IT professionals in large enterprises reporting that they plan to increase deployment the technology in their operations for 2025.
Below are three of the top Canadian AI stocks by market cap. For more Canadian AI stocks, take a look at our list of 5 small-cap Canadian AI stocks.
1. CGI (TSX:GIB.A)
Market cap: C$33.31 billion
Share price: C$141.32
Montreal-based CGI is among the world’s largest IT systems integration companies, and offers a wide range of services, from cloud migration and digital transformation to data analysis, fraud detection and even supply chain optimization. Its more than 700 clients span the retail, wholesale, consumer packaged goods and consumer services sectors worldwide.
Through a partnership with Google, CGI is leveraging the Google Cloud Platform to strengthen the capabilities of its CGI PulseAI solution, which can be integrated with existing applications and workflows.
CGI is aggressively working to expand its generative AI capabilities and client offerings. In early March 2024, the company launched Elements360 ARC-IBA, an AI powered platform for brokers and insurers to settle accounts in the UK broking industry. Later in September, CGI signed the EU’s Artificial Intelligence Act pledge to work for trustworthy and safe AI development.
The company’s AI-powered CGI DigiOps toolkit won the Association of Chartered Certified Accountants (ACCA) India Award 2024 for Excellence in Digital Transformation in February 2025. CGI DigiOps is used in several industries, including the energy and utilities, and retail sectors. “This award for digital transformation excellence is a testament to our commitment to delivering end-to-end AI-powered solutions to achieve meaningful outcomes for our clients,’ Rakesh Aerath, President, CGI Asia Pacific Global Delivery Centers of Excellence.
2. OpenText (TSX:OTEX)
Market cap: C$9.94 billion
Share price: C$37.79
Ontario-based OpenText is one of Canada’s largest software companies. The tech firm develops and sells enterprise information management software. Its portfolio includes hundreds of products in the areas of enterprise content management, digital process automation and security, plus AI and analytics tools.
OpenText serves small businesses, large enterprises and governments alike. Its AI & Analytics platform has an open architecture that enables integration with other AI services, including Google Cloud and Azure. It can leverage all types of data, including structured or unstructured data, big data and the internet of things to quickly create interactive visuals.
In January 2024, OpenText launched Cloud Editions 24.1, which includes enhancements to its OpenText Aviator portfolio.
OpenText has also been expanding its AI-powered cybersecurity offerings in recent years. In early 2025, the company launched OpenText Core Threat Detection and Response, which leverages AI-driven behavioral analytics to detect insider threats and cyberattacks.
3. Coveo Solutions (TSX:CVO)
Market cap: C$553.97 million
Share price: C$5.57
Headquartered in Québec City, Québec, Coveo Solutions is a software-as-a- service company that provides AI-powered relevance e-commerce and enterprise search software in Canada, the United States and internationally. Relevance in AI involves learning models that determine the relevance between search input data and the expected output.
The company’s Coveo AI-Relevance Platform is used in a broad range of industries, including high tech, healthcare, manufacturing, financial services, retail, and telecommunication. Coveo’s many strategic partners include Salesforce (NYSE:CRM), Adobe (NASDAQ:ADBE) and Shopify (TSX:SHOP,NYSE:SHOP).
In its fifth annual Commerce Relevance Report, Coveo found that 62 percent of 4,000 US and UK consumers surveyed responded that they are more likely to make purchases based on generative-AI-driven guidance. Drilling down on millennials, that figure rises to 68 percent.
In February, Coveo reported its financials for its fiscal Q3 2025 ended December 31, 2024, including total revenues of US$34 million compared to US$31.8 million in its fiscal Q3 2024.
In March, Coveo announced the launch of three new offerings for its customers: Coveo for Agentforce, an expanded suite of Coveo APIs and the Coveo Agentic AI Design Partner Program.
Australian AI stocks
AI investment by Australian companies is projected to increase, according to BSI’s International AI Maturity Model, making the country the second best market in the world in terms of boosting AI capabilities. BSI reports that three-quarters of Australian business leaders responding to the firm’s survey expressed the belief that failing to invest in AI would place their organizations at a competitive disadvantage.
The biggest spenders when it comes to AI in Australia are the banking industry, the federal government, professional services and retail.
Below are three of the top Australian AI stocks by market cap. For more ASX AI shares, check out our list of the 5 biggest ASX AI stocks.
1. NextDC (ASX:NXT)
Market cap: AU$8.23 billion
Share price: AU$22.93
NEXTDC is Australia’s leading data center operator, with facilities currently operational or under development throughout Australia. The company also has data centers under development in New Zealand, Malaysia and Japan. The company is the 2024 recipient of the Australian Data Centre Service Company of the Year award.
NEXTDC’s clients include some of the world’s largest cloud providers, such as Amazon (NASDAQ:AMZN) Web Services, Microsoft Azure, and Alphabet’s Google Cloud. The company has also obtained NVIDIA’s DGX-Ready Data Centre Program certification, enabling it to optimize NVIDIA’s AI platforms and power advanced AI data centers in Australia.
In its financial report for its fiscal H1 2025 ended December 31, 2024, the company reported total revenue of AU$205.5 million, a slight decrease of 2 percent from the same period in the year prior. However, its net revenue was up 13 percent to AU$167.8 million.
2. Nuix (ASX:NXL)
Market cap: AU$1.06 billion
Share price: AU$3.39
Sydney-based Nuix is a leading provider of data processing, investigative analytics and intelligence software. Its client base includes legal, compliance, forensic investigations, cybersecurity and data governance sectors.
The company’s patented Nuix Neo technology uses advanced deep learning techniques to better train AI models for more efficient, scalable and cost-effective document classification. Launched in July 2023, Nuix Neo is accessed through a browser-based, collaborative interface, and includes end-to-end automation, investigative analytics and AI-enabled workflows.
In its H1 fiscal year 2025 financials, Nuix reported that annualized contract value for Nuix Neo grew to AU$18.9 million, an increase of 361 percent compared to the prior corresponding period, as its customers grew from 8 to 46 over the same period.
3. BrainChip (ASX:BRN)
Market cap: AU$450.91 million
Share price: AU$0.22
BrainChip is an advanced Edge AI on-chip processing and machine learning hardware company. Its main product is the Akida digital neuromorphic chip, which is built with a spiking neural network that mimics the way messages are passed between neurons in the human brain.
A significant feature of Akida’s technology is that it doesn’t need to be connected to the cloud or other networks to learn, enhancing security.
In December 2024, Brainchip announced it had licensed the Akida IP to Frontgrade Gaisler, a leading provider of radiation-hardened microprocessors for space applications. The following month, the company introduced an ecosystem of partnerships developing around its Akida Edge AI Box, which the company describes as “a compact, cost-effective appliance with AI/ML processing power for a wide variety of markets such as manufacturing, warehouse, retail, hospitals, energy, automotive, and aviation.”
At the end of February 2025, Brainchip shared it was formally investigating redomiciling in the US following a strategic review by its Board. If it decides to go forward with the move, the company would pursue listing on a US stock exchange, and de-list from the ASX and OTCQX.
FAQs for AI stocks
Which company is leading the AI race?
Google and Microsoft are battling it out for king of the AI hill. While Goldman Sachs sees Alphabet’s Google as leading the AI race, other analysts are pointing to Microsoft as the clear frontrunner. Microsoft stands to benefit in a big way from its billions of dollars investment in OpenAI’s ChatGPT as advancements in generative AI may have the potential to increase the company’s revenues for its Azure cloud computing business.
Which country is doing best in AI?
North America is the global hotspot for advancements in AI technology and is home to the majority of the world’s largest AI providers. Techopedia positions the US as the primary hub for AI development, and many of the world’s leading tech giants are headquartered there. According to the report, China comes in a close second.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
