Forget Nvidia. This Analyst Is Recommending 3 Lesser-Known Stocks for the ‘Next Major AI Wave’

The artificial intelligence (AI) revolution has, so far, been largely driven by infrastructure – powerful chips, sprawling data centers, and the backend tools that enable generative models like ChatGPT and Claude to even exist. Companies like Nvidia (NVDA) have led the charge, riding a wave of exponential demand for AI hardware. But according to analysts at Piper Sandler, 2025 could mark a pivotal turning point in the AI narrative - one that shifts the spotlight away from infrastructure and toward consumer-facing applications.

In a new note to clients, Piper Sandler argues that we are now entering what it calls the “next major AI wave,” a phase that emphasizes the widespread adoption of AI at the application layer.