The next AI stock cycle will likely be led by companies that own critical AI infrastructure and monetize real deployment, rather than only those building flashy models. Semiconductor leaders such as NVIDIA and advanced chip manufacturers like Taiwan Semiconductor Manufacturing Company should remain central because AI demand still depends heavily on compute power, while cloud platforms including Microsoft, Amazon, and Alphabet are positioned to capture recurring revenue from enterprise AI adoption. The next phase may also shift toward AI application winners—companies integrating AI into productivity, cybersecurity, robotics, and automation—rather than pure model creators, meaning software firms with strong distribution and real customer workflows could outperform hype-driven names as the market moves from experimentation to profitability and large-scale deployment.