3 Artificial Intelligence (AI) Stocks to Load Up On in August

Several winners and losers have appeared, and even though earnings season isn't over yet, there are plenty of stocks worth considering right now. A few stocks that top my list are Nvidia (NASDAQ: NVDA), Micron (NASDAQ: MU), and Amazon (NASDAQ: AMZN).

All three of these look like great AI options now and are worth buying at these levels. For the previous three years, it was one of the top stocks in the market to own.

What Happened

Nvidia reports its fiscal second quarter results at the end of August, and there have been several indications that it could be a blowout quarter. Many AI hyperscalers have raised spending guidance, and one of Nvidia's chief competitors, AMD, reported a blowout.

• Nvidia hasn't been the Nvidia most people remember in 2026.

• This year, it has risen around 17%, which is just barely better than the S&P 500 (SNPINDEX: ^GSPC).

• Micron is having a great 2026, with the stock more than tripling.

Key Details

Unlike AMD, Nvidia's stock isn't highly valued heading into earnings, and that could be a recipe for the stock to explode higher. Nvidia trades for a pretty reasonable price tag of 24 times forward earnings.

• Because it will be mid-2027 before more production capacity is available, they believe the tightness in the memory chip market will persist beyond 2027.

• Amazon is one of those companies being affected by higher memory chip prices, as it bumped its capital expenditure guidance for 2026 from $200 billion to $220 billion due to rising prices of memory.

• In Q2, AWS revenue exploded 37% higher, with operating income rising 64%.

Why It Matters

You'll be hard-pressed to find a stock growing as fast at that cheap of a price, and I think it's primed to skyrocket late in August following earnings. However, it's well off its all-time high due to skepticism about the longevity of.

• Over the past 12 months, AWS has generated nearly $150 billion in revenue.

• However, CEO Andy Jassy sees a future where this business could achieve a $1 trillion annual run rate.

What Reports Say

Coverage of the story so far points to:

• Continued reporting by Yahoo Finance as more details emerge