Nvidia remains among top, large cap AI picks: William Blair

Nvidia (NASDAQ:NVDA) remains among the “top picks” for large cap generative artificial intelligence companies, according to William Blair.

Other top picks include Amazon (NASDAQ:AMZN), Meta Platforms (NASDAQ:META), Accenture (NYSE:ACN) and ServiceNow (NYSE:NOW).

“The company has already seen tremendous growth for its GPU and parallel computing systems, and we believe there is time for continued growth, driven by robust training demand from hyperscalers and enterprises, and a ramping inference opportunity,” said William Blair analyst Sebastien Naji and Jason Ader, in an extensive investor note.

Nvidia has also created a sustainable moat as its CUDA software stack is the standard interface for working with GPUs and AI, Naji said. There is room for growth in both training and inference as the new Blackwell cycle begins.

Meanwhile, Amazon is poised to benefit heavily from GenAI due to its AWS cloud segment and e-commerce.

“AWS’s extensive infrastructure and leading position in the cloud market make it an ideal choice for those developing large language models and for enterprises deploying GenAI applications,” said William Blair analysts Arjun Bhatia and Dylan Carden. “We believe the increasing demand for compute resources driven by GenAI workloads will enhance AWS’s growth, especially considering the resource-intensive nature of LLMs and GenAI applications.”

The investment bank also expects GenAI to enhance user experiences on Amazon’s e-commerce site.

Social media titan Meta has a differentiated open-sourced approach and is creating avenues to monetize GenAI.

“There are early signs of positive GenAI impacts for Meta, with significant upside opportunity via new GenAI products and potential CPM uplift,” said William Blair analyst Ralph Schackart. “In addition, we see significant optionality for the company’s ability to monetize bots at scale via GenAI.”

Professional services company Accenture also received the GenAI “top pick” from the firm as it was ahead of the curve in its AI investments.

“Accenture has been talking about AI for years, and management has expressed interest in investing more beyond the company’s recently announced $3B investment in AI through 2026,” said William Blair analyst Maggie Nolan.

“We expect AI-related work to be accretive to overall growth and support growth in Accenture’s strategic priorities (cloud, security, Song, and Industry X),” she added.

Finally, software-as-a-service provider ServiceNow has also positioned itself as a strong GenAI player.

“ServiceNow is viewed as a partner for many enterprises, and already has direct lines into the CIO and broader C-suite for its customers and product positioning,” said William Blair analysts Jake Roberge and Arjun Bhatia. “ServiceNow can integrate its GenAI solutions directly into the products that customers are already using.”