The top ASX stocks riding the AI megatrend

Want to invest in AI? Then check out these stocks that analysts rate as buys.

Artificial intelligence (AI) isn't just a tech buzzword — it is rapidly becoming one of the most transformative forces in the global economy.

As companies pour billions into data centres, cloud platforms, and digital infrastructure, several ASX stocks are perfectly positioned to ride this megatrend.

If you're looking to capitalise on the AI boom through the Australian share market, here are three ASX stocks that analysts think could be worth keeping a close eye on.

Robot humanoid using artificial intelligence on a laptop.

Image source: Getty Images

NextDC Ltd (ASX: NXT)

NextDC is one of the Asia-Pacific's largest data centre operators and sits right at the heart of the AI revolution. As AI workloads ramp up globally, demand for high-performance computing and storage is soaring — and data centres are the foundation on which this all runs.

This ASX stock's state-of-the-art facilities across major Asia-Pacific cities offer the type of secure, high-capacity environments needed for AI processing. And with a number of new facilities under construction, it appears well-placed to benefit from the rising tide of cloud and AI computing.

Morgans is a fan and believes the "significant demand for cloud computing and AI-related digital infrastructure is going to underpin attractive returns and long-term growth."

It has an add rating and $18.80 price target on the company's shares.

Goodman Group (ASX: GMG)

At first glance, Goodman might not scream "AI." But this global industrial property giant is building the physical infrastructure that AI and tech companies rely on — including massive data centre campuses and logistics hubs.

The ASX stock has partnered with some of the biggest names in tech, including Amazon and Google. As these players scale up their AI capabilities, they need more space — and Goodman is building it. With a development pipeline exceeding $13 billion and a sharp focus on high-demand digital assets, Goodman is riding the AI wave in a unique and lucrative way.

Morgan Stanley currently has an overweight rating and $37.50 price target on its shares.

Megaport Ltd (ASX: MP1)

Finally, Megaport is an ASX stock that stands to benefit greatly from the AI megatrend.

It provides on-demand, flexible network connectivity to major cloud providers through its global Software Defined Network (SDN).

AI requires the movement of enormous volumes of data across cloud environments, and Megaport helps enterprises do just that. Morgans' analysts note that they "think it is uniquely placed to help business move data globally and benefit from the growth of data related to both cloud computing and AI."

The broker has an add rating and $15.50 price target on its shares.

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Motley Fool contributor James Mickleboro has positions in Goodman Group, Megaport, and Nextdc. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Alphabet, Amazon, Goodman Group, and Megaport. The Motley Fool Australia has recommended Alphabet, Amazon, and Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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