Artificial intelligence (AI) has the potential to reshape the global economy in the coming decade. Businesses of all sizes are seeking the means to harness the power of this game-changing technology, and they're willing to pay up to do so.

That's great news for the following two AI leaders, both of which are likely to deliver handsome rewards to their shareholders in the coming years.

Palantir Technologies

The tremendous popularity of ChatGPT and other generative AI applications is driving companies to see how they can integrate these tantalizing technologies into their own operations. Palantir Technologies (PLTR 3.24%) wants to help these businesses make the most of the large language models that power ChatGPT and other leading AI apps.

It's well positioned to do so, thanks to its advanced machine-learning technology and decades of experience working with highly sensitive information as a defense contractor.

CEO Alex Karp sees "an infinite market" for Palantir's AI tools. Military customers and other government agencies rely on Palantir to maintain their informational superiority. As a recent example, the U.S. Special Operations Command in June awarded Palantir a multiyear contract worth up to $463 million to bolster its decision-making capabilities.

Businesses, meanwhile, are partnering with Palantir to strengthen their data analysis. Healthcare titan Novartis, for one, is working with Palantir to accelerate its research and development.

In all, Palantir's customer count leaped 38% year over year to 421 in the second quarter. That drove a 13% rise in the cloud-data expert's revenue to $533 million, and a 52% surge in its billings -- an important indicator of future growth -- to $603 million.

Better still, the $285 million in adjusted free cash flow in the first six months of 2023 boosted its cash and investments to over $3 billion as of the end of June, which prompted its board of directors to authorize a $1 billion share repurchase program. 

As a profitable, cash-generating enterprise with highly regarded machine-learning tech, Palantir is well placed to claim a sizable share of the fast-growing AI market in the years ahead.

Nvidia 

No list of artificial intelligence stocks is complete without mention of Nvidia (NVDA 3.51%). The semiconductor juggernaut dominates the explosive market for AI accelerators, the cutting-edge chips upon which the most powerful artificial intelligence applications are built.

A tidal wave of capital is flowing toward promising AI projects. Major cloud computing providers, such as Microsoft and Alphabet, are ramping up their infrastructure investments in response to booming demand.

The data center market is projected to exceed $600 billion by 2030, up from $263 billion in 2022, according to research company Prescient & Strategic Intelligence. UBS analyst Timothy Arcuri expects Nvidia's best-in-class AI chips to enable it to capture as much as 25% of this rapidly expanding industry by 2024, up from 6% in 2022. 

Business is already booming. Nvidia's revenue soared 101% year over year to $13.5 billion in the quarter ended July 30. And its adjusted earnings per share skyrocketed more than fivefold to $2.70. Incredibly, management expects revenue growth to accelerate to 170% in the current quarter.

Moreover, analysts continue to lift their long-term growth forecasts for Nvidia and the overall AI industry. "In the last few months, expectations for the rollout of data center AI infrastructure in 2024 about doubled," New Street Research analyst Pierre Ferragu said on Aug. 15. And just days ago, Stifel analyst Ruben Roy said that he "underestimated the opportunity related to the potential shift of $1 trillion of installed data center infrastructure from general purpose compute to accelerated compute architectures." 

It's likely that even today, investors are still underestimating Nvidia's ultimate expansion potential. That's presenting you with a chance to buy the semiconductor leader's shares today at a discount to their true value.