AI Stocks To Watch As IT Spending Heats Up

Jason Williams

Posted May 16, 2024

Dear Reader,

Over the past few weeks, my colleagues and I have been beating the drum about the profitable future ahead of companies embracing artificial intelligence. We’ve explained AI’s growth potential. We’ve even given you several lists of the top AI stocks to watch. We’ve tried to get you positioned ahead of the crowd so that you can reap the biggest rewards as the mainstream investment crowd finally catches on.

AI Stocks to Watch

And recent research out of Wedbush Securities, cited in several reports across the financial web, just proved every prediction we’ve made right. So today, while the news is still fresh, I want to give you one more opportunity to get invested in the AI trend that’s going to keep generating massive investor profits. And I’m going to do it with a few more of the top AI stocks to watch as this boom in IT spending kicks off…

Why You Really Need to Know the Top AI Stocks to Watch

But first, let’s talk a little bit about the research that backs up all the seemingly outlandish predictions my colleagues and I made about AI profits. You see, the analysts at Wedbush Securities just released a research report on the current state of the AI market. And it shows that Big Tech companies have set aside an incredible amount of money for AI upgrades. We’re talking about billions of dollars here. And that means it’s going to be even more exciting watching these AI stocks as they get a piece of that massive pie of profits.

AI Stocks to Watch 23 v 24

Now, let’s talk real numbers. This is a financial publication, after all. And the numbers that make up the data Wedbush released suggest that as much as 10% of overall IT spending this year alone is going to go to upgrades for AI systems and software. Plus, an astonishing 70% of companies are planning to integrate AI into their operations. And with all these companies spending all that money to get to the top of the AI race, there are some very interesting AI stocks to watch cropping up for investors to get in on before the crowd. So, now that you understand the magnitude of the money being spent on AI, let’s talk about some of the folks spending it. And while we do, we’ll also cover the AI stocks to watch as that money gets spent. 

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AI Stocks to Watch — Even the Cloud Needs a Home

Probably the biggest of the Big Tech companies spending big bucks on big AI upgrades is one of the undisputed leaders in the space, Microsoft (NASDAQ: MSFT). Now, it’s already made huge investments in AI. And it’s already a leader in the field. But it wants to stay there. So it’s spending even more to keep that top spot. But it’s not necessarily a top AI stock to watch. You see, Microsoft is going to profit from its AI investments. But there’s another company poised to profit even more. And the best part is that it’s bound by law to share nearly all those profits with investors…

AI Stocks to Watch Azures Home

The main chunk of Microsoft’s AI expenditure is going toward integrating artificial intelligence with its cloud computing business. As more customers adopt the AI tools Microsoft offers, it will generate more deals for the cloud service Azure. But the thing is that the “cloud” isn’t as abstract as most might believe. It’s very concrete. It consists of massive numbers of servers that compute data at an unbelievable speed. And the other thing is that Microsoft doesn’t own those servers, despite owning the cloud. Those incredibly valuable servers where Microsoft’s profit centers live belong to a company I’ve dubbed the “AI Tollbooth.” And it’s a top AI stock to watch because it essentially charges a toll for Microsoft to access those servers and grow its Azure cloud service. This company is bound by law to share at least 90% of its pre-tax profits with investors. And that’s set up a huge income stream that’s about to get even bigger as that explosion in IT spending kicks in.

AI Stocks to Watch — Big Government Goes Digital

The thing is that it’s not just Big Tech companies shelling out big bucks to get ahead of the surge in AI technology. The federal government is also opening its pockets in a big way. Most recently, it announced an investment to the tune of $2.4 billion. And that’s just one announcement. You know how the government likes to make a lot of those. So you can bet we’re going to see a whole lot more of the federal IT budget devoted to AI as well. And while you can’t invest in the federal government in the traditional sense, you can invest in some of the companies helping it to get a head start on the future. And that’s what makes those companies top AI stocks to watch…

AI Stocks to Watch Digital DC

You see, there’s a company that, long before AI made its way into the mainstream, got its funding directly from the U.S. government. And that company used the billions of dollars it could access to develop some of the most powerful artificial intelligence software in the world. Literally years before almost anyone was looking for AI stocks to watch, this company was integrating its AI platforms into mission-critical government roles. It’s got contracts with so many three-letter organizations, your head would spin if I listed them all. And as the government’s AI budget goes through the roof, it’s one of the only companies set up to get that funding. And that’s why it’s also one of the top AI stocks to watch.

The Bottom Line on AI Stocks

There are a lot of AI stocks to watch out there. And these are only a couple of the top companies. They’re what we call pick-and-shovel plays in the investment world. That’s because instead of mining the AI gold rush, they’re selling the things others need to participate. And that’s why they’re some of the best AI stocks to watch. But the market is constantly evolving. And there are always new companies and there will likely be more top AI stocks to watch, too. 

AI Stocks to Watch WD EAC

So your best bet to stay on top of the top stocks is to keep coming back to the pages of Wealth Daily and our sister site, Energy and Capital, every day. That way, you’ll always be one step ahead of the rank-and-file investors. And you’ll always be set up to reap the profits they bring when they figure out what you already know. So make sure you check out both of those AI stocks I shared today. And make sure you keep coming back to get more access to all the top stocks to watch BEFORE the crowd.

To your wealth,


Jason Williams

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After graduating Cum Laude in finance and economics, Jason designed and analyzed complex projects for the U.S. Army. He made the jump to the private sector as an investment banking analyst at Morgan Stanley, where he eventually led his own team responsible for billions of dollars in daily trading. Jason left Wall Street to found his own investment office and now shares the strategies he used and the network he built with you. Jason is the founder of Main Street Ventures, a pre-IPO investment newsletter; the founder of Future Giants, a nano cap investing service; and authors The Wealth Advisory income stock newsletter. He is also the managing editor of Wealth Daily. To learn more about Jason, click here.

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