Artificial intelligence has been the hottest industry, and its scorching success may continue for the rest of the decade. Big tech companies have spent so much money on AI that it’s impacting GDP more than consumer spending, and each of those giants has committed to more AI spending in 2026.
Following the money and seeing where the AI investments flow can result in tremendous returns for patient investors. Many AI stocks have doubled this year, with some AI stocks rallying by more than 1,000% over the past decade.
Getting first dibs on AI stocks right now can lead to significant returns that outperform the S&P 500 by a wide margin. These are three of the top AI stocks to monitor.
IREN (IREN)
IREN (NASDAQ:IREN) is transitioning from a crypto miner to an AI data center provider that has signed deals with big tech companies. Its highest profile deal is a 5-year, $9.7 billion agreement with Microsoft (NASDAQ:MSFT) for 200 megawatts in one of IREN’s AI data centers. The company should have 3.2 gigawatts ready to go by the end of 2027, which means it can pull off 16 more deals like the Microsoft one. That doesn’t include the multi-gigawatt development pipeline IREN told investors about in its Q1 FY26 earnings presentation.
IREN’s ability to create AI data centers and accumulate energy at scale makes it a desirable partner. While AI chips were the previous bottleneck, energy and AI data centers are the new chokepoints for AI innovation.
The emerging AI leader expects $3.4 billion in annual recurring revenue by the end of 2026. This figure includes the Microsoft deal, but it also suggests that at least one more multi-billion dollar big tech deal will arrive next year.
Marvell Technology (MRVL)
Every investor wants their AI chipmaker to be the next Nvidia (NASDAQ:NVDA), but a comparison with Broadcom (NASDAQ:AVGO) is more appropriate for Marvell Technology (NASDAQ:MRVL). Marvell Technology produces custom-made AI chips that are starting to gain momentum, and it’s the same business model that helped Broadcom reach a $1 trillion market cap.
Marvell Technology only trades at a 34.6 P/E ratio and has an $84 billion market cap. The company produces Amazon’s Trainium2 AI chips, which became a multi-billion dollar business segment for Amazon. The online marketplace leader also said that its AI chips grew by 1 50% quarter over quarter in its Q3 earnings report. That translates into more sales for Marvell Technology, which can cause the AI stock to double in 2026.
Marvell Technology delivered vibrant Q3 FY26 results, which featured 40% year-over-year revenue growth on “strong demand for [its] data center products.” The company also acquired Celestial AI to strengthen its position in AI data center infrastructure. It’s one of the few AI chip stocks that hasn’t had much momentum. It’s actually down by 13% this year despite doubling from its 2025 lows. However, next year might be the one where Marvell Technology gets to shine.
Cipher Mining (CIFR)
Cipher Mining (NASDAQ:CIFR) offers a similar premise to IREN. It’s a crypto miner that pivoted to AI infrastructure to sign lucrative deals with big tech companies. Cipher Mining enjoys the same catalysts as IREN and has signed multiple deals with tech giants.
CIFR stock’s market cap is roughly $8 billion, which makes it easier for this AI stock to double than a multi-trillion dollar pick like Nvidia. Cipher Mining has deals with Amazon (NASDAQ:AMZN) and Google-backed Fluidstack and has a 3.2 gigawatt pipeline.
The company’s smaller market cap and ability to sign multi-year deals suggest that high returns are possible. Investors who view energy and AI data centers as the big bottlenecks may benefit from looking into IREN and CIFR instead of picking one over the other.
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