The AI stocks that could boom in 2025

Big Tech stocks could have another big year in 2025.

Nvidia ( NVDA ), Amazon ( AMZN ), Alphabet ( GOOGL ), and Apple ( AAPL ) could continue to be some of the biggest winners of the artificial intelligence-driven stock boom , David Dietze, senior portfolio strategist at Peapack Private Wealth Management, said in the latest episode of Quartz AI Factor, a video series set at the Nasdaq MarketSite.

Shares of AI chipmaker Nvidia — “the granddaddy of them all,” as Dietze puts it — soared more than 170% this year, giving it a roughly $3.3 trillion market capitalization as it rides tremendous revenue growth and overwhelming demand for its AI chips. Shares of e-commerce giant Amazon, which is also getting in on the chip game , surged more than 50%. Google parent Alphabet stock rose 40%, and Apple climbed more than 35%.

The Magnificent 7 — Apple, Microsoft ( MSFT ), Nvidia, Alphabet, Amazon, Meta ( META ), and Tesla ( TSLA ) — have accounted for about a third of the S&P 500 index’s gains this year, largely powered by excitement around new AI technologies. But Goldman Sachs ( GS ) has warned that this “unusual degree of market concentration” could pose a major risk next year.

Stocks that have benefited from the AI boom have largely done so independent of interest rates. But that doesn’t mean they aren’t in for a correction as the market settles from the post-presidential election rally. Dietze said that could happen in the not-so-distant future.

“They’re riding a secular tailwind of extreme innovation that could plow right through that,” Dietze said. “Nevertheless, no sector operates in a silo or a vacuum. If everything else around them is struggling, they’re gonna struggle a little bit, too.”

Dietze said one major theme for 2025 will be: show me the money. While major companies such as Amazon, Microsoft, and Alphabet have poured billions into AI partnerships and their own initiatives, investors are likely going to start looking for proof of returns next year, Dietze said.

“Wall Street’s the type of place where it’s like, ‘Show me the money, like, yesterday,” he said. “These investments and capital expenditures are great, but when does the cash flow start coming in? And right now many AI companies have gotten a pass on that, but I think increasingly Wall Street’s going to say, ‘No, we’ve seen the capital expenditures, you’ve got the AI label, but now we want to see the cash flows coming in from that.’”

“And that’s what we’re gonna be watching so carefully next year,” Dietze said.

Watch the latest episode of Quartz AI Factor above.

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