AI stocks to buy became the hottest investing trend last year and are taking the stock market to new heights. These stocks are surging this year thanks to momentum building towards the first of two likely interest rate cuts. We’re also still in the early innings of generative AI’s disruptive and transformative journey. Wagering on the best AI stocks to buy in the current inflated market, could prove incredibly lucrative over time.

We’ve seen the market outline the frontrunners in the AI race in recent months. Last year’s rally was incredibly wild, with even the more obscure AI plays cashing in on the surge. But in the current scenario, we’re seeing investors employing more of a ‘show-me’ approach to AI stocks to buy and the broader market. That approach is unfortunately unlikely to shake things up, especially among AI frontrunners, since AI’s tangible benefits prove it’s here to stay. That said, here are three AI forerunners offering millionaire-making potential by the end of the current decade.

Nvidia (NVDA)

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Nvidia (NASDAQ:NVDA) delivered another earnings surprise in the first-quarter (Q1), crushing estimates across both lines. Q1 results showed revenues jumping to $26 billion, a whopping 262% increase on a year-over-year (YOY) basis while outperforming forecasts by $1.45 billion. Perhaps the most impressive is the performance of its data center segment, with sales up an eye-watering 427% YOY, driven largely by the insatiable demand for AI applications. 

Furthermore, its outlook remains robust, projecting $28 billion in sales in the second-quarter (Q2), marking over a 100% increase YOY. It also sweetened the pot for investors with a 150% rise in its quarterly dividend to 10 cents per share. 

Nvidia’s Q1 report reiterates the tech giant’s claim in the AI chip space, where it dominates roughly 80% of the market share. Its data center segment continues to grow rapidly, with the potential to reach upwards of $100 billion in sales within the next couple of years. Moreover, with new and more powerful products, such as the Blackwell GPU, expect NVDA stock to continue firing for its investors.

Meta (META)

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Though it hasn’t seized the spotlight like Nvidia has done with its AI efforts, Meta (NASDAQ:META) is steadily carving a formidable position in the sector. It’s leveraging its early-stage AI offerings to efficiently reshape online experiences across its Family of Apps. 

Meta aims to provide AI models, such as those developed through the LLaMa project, to improve consumer experiences and pave the way for highly targeted, cost-effective advertising solutions. Its AI commitment extends beyond large language models, and it is heavily invested in advancing computer vision and augmented reality technologies. 

Over the past year or so, we’ve seen it build a massive cash war chest, which gives it the impetus to continue pursuing its AI and metaverse initiatives. With the seamless integration of AI in Meta’s powerful apps, it is set to become remarkably more intuitive and immersive, securing its position as a leading AI player.

Its stock has recently dipped after its cautious Q2 guidance despite a resounding beat across both lines in Q1. It’s an excellent time to load up on META stock.

Arista (ANET)

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Arista (NYSE:ANET) is another top AI player that provides advanced network solutions critical to powering AI applications. Its high-performance Ethernet switches and routers can efficiently handle massive data flows while processing needs typical of AI operations. The demand for AI technology will continue growing rapidly, in line with the robust demand for a more reliable network infrastructure. Arista’s products are tailor-made to meet these lofty demands, positioning it as a long-term giant in its niche.

Its recent blow-out quarter speaks volumes about its AI prowess. Q1 earnings of $1.99 per share beat analyst forecasts of $1.74 while reporting a sales increase of 16% to $1.57 billion, beating expectations by $1.55 billion. These results are complemented by an attractive share buyback program, signaling strong confidence in its ongoing performance and shareholder commitment. As we advance, the firm projects net revenues for Q1 to fall in the $1.62 billion and $1.65 billion range, beating consensus estimates of $1.62 billion. 

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines