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AI investing: UBS lists stocks providing exposure to turbocharged AI investment cycle

May 16, 2024 3:06 PM By: Carla Mozee, SA News Editor

Drazen_/E+ via Getty Images

UBS released a list of stocks it says are set to benefit from the artificial intelligence boom, with global AI revenue on course to top $400B in the next three years.

The brokerage recommended investors get exposure to companies along the AI value chain, including semiconductors, internet, and data centers. UBS forecast global tech AI revenue to hit $420B in 2027, a fifteen-fold increase from $28B in 2022.

It also projected infrastructure spending, driven by GPU cloud and other emerging trends, to reach $195B in 2027 from $25.8B in 2022.

With about 5% of companies using generative AI, AI adoption has been modest so far. “But we expect monetization to rise and account for a larger portion of overall AI growth over the longer term,” Nadia Lovell, senior U.S. equity strategist at UBS’s global wealth management division, said Wednesday in a monthly update about U.S. tactical equity themes.

UBS said its list aims to position for AI infrastructure build-out in the near term and the larger intermediate-term opportunity in software and services.

Here’s the AI stock list (the “+” sign annotates stocks covered by UBS Global Research):

  • Accenture ( ACN)
  • Adobe ( ADBE)
  • AMD ( AMD)
  • Constellation Energy Corporation ( CEG)
  • Salesforce ( CRM)
  • Digital Realty ( DLR)
  • Equinix ( EQIX)
  • Johnson Controls ( JCI)
  • Meta Platforms ( META)
  • Microsoft ( MSFT)
  • Micron ( MU)
  • NextEra Energy ( NEE)
  • Nutanix ( NTNX)
  • Nvidia ( NVDA)
  • nVent Electric ( NVT)
  • Oracle ( ORCL)
  • Palo Alto Networks ( PANW)
  • Pure Storage ( PSTG)
  • Seagate Technology ( STX) +
  • Taiwan Semiconductor ( TSM) +
  • Trane Technologies ( TT) +
  • Vistra ( VST)
  • Workday ( WDAY)




Among ETFs with AI exposure:

  • iShares U.S. Technology ETF ( IYW)
  • Fidelity MSCI Information Technology Index ( FTEC)
  • First Trust Dow Jones Internet Index Fund ( FDN)
  • iShares Global Tech ETF Equity ( IXN)
  • iShares Expanded Tech Sector ETF ( IGM)
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