It's only been two-and-a-half years since the launch of ChatGPT set off a boom in artificial intelligence (AI) stocks, and there are already some big winners.
Nvidia and Palantir have both turned $10,000 into $100,000, and a number of other stocks have also been surging, including many of the "Magnificent Seven." According to many tech CEOs and prognosticators, the AI revolution is still in its early innings, and start-ups and big tech companies are racing toward developing artificial general intelligence (AGI).
With the boom set to continue over the coming years, let's take a look at two other AI stocks that could turn $10,000 into $100,000.
Image source: Getty Images.
1. Upstart
Upstart (NASDAQ: UPST) dazzled investors back in 2021 when the stock soared during the pandemic, but it plunged in 2022 as interest rates rose and the credit market tightened.
Upstart is still down sharply from its peak in 2021, but the underlying business is stronger than ever. Even as interest rates have remained elevated, Upstart's loans continued to perform well, showing that its lending models, which the company says are significantly better than traditional FICO scores, are working and delivering results for its lenders. Annualized returns from all Upstart cohorts in the first quarter 2023 have returned 12.2%, compared to a 4.1% return from the two-year Treasury.
Additionally, Upstart significantly improved its conversion rates, especially since it released a new, more advanced AI model that makes around 1 million predictions per applicant, six times more than the previous model.
As a result, accuracy has improved, and so have conversion rates. In Q1, conversion rates, or the percentage of applicants that receive loans, rose from 14% to 19.1%. The business is also thriving, with loans originated doubling 102% to 240,706, driving revenue up 67% to $213 million.
Upstart was profitable for several years before interest rates soared, and it expects to return to profitability in the second half of this year on a generally accepted accounting principles (GAAP) basis.
The company is chasing a massive addressable market and is just tapping into huge markets in home and auto loans. On an adjusted basis, the stock now trades at a price-to-earnings ratio of 32, and it has a market cap of just $4.5 billion.
Given its recent revenue growth and profit improvement, Upstart has the potential to significantly grow its revenue and profits, and reaching a market cap of $45 billion isn't unrealistic. The company will have to continue to advance its models and grow its business, but considering the market size, its upside potential is significant.
Image source: Getty Images.
2. CoreWeave
One of the newest stocks on the stock market is CoreWeave (NASDAQ: CRWV). CoreWeave operates as the only pure-play cloud infrastructure company specifically designed for generative AI purposes. CoreWeave's customers essentially rent digital computing power from it for AI applications.
The model has led to CoreWeave growing like wildfire. Revenue jumped more than 100 times from 2022 to 2024 as the generative AI boom led to a surge in demand from companies like Microsoft and Nvidia. In the first quarter of 2025, revenue surged 420% to $981.6 million.
However, that growth comes with a catch. CoreWeave is highly unprofitable on a GAAP basis as it has had to take on high levels of debt to fund its data center expansion. In the first quarter, it reported a net loss of $314.6 million due to $263.8 million in interest expense and one-time costs associated with its IPO. CoreWeave has taken on high-interest debt in order to fund its rapid expansion, and it now has $8.6 billion in debt on its balance sheet.
On an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) basis, the company reported a profit of $606.1 million, or a margin of 62%, showing that the fundamental business is highly profitable, though it has high depreciation and interest expenses currently.
Additionally, CoreWeave faces customer concentration risk as 62% of last year's revenue came from Microsoft, though it said on its recent earnings call that no company made up more than 50% of its backlog.
After a lackluster IPO, CoreWeave has soared in recent weeks, in part because Nvidia disclosed a 7% stake in the company. The company guided to revenue of $4.9 billion to 5.1 billion and adjusted operating income of $800 million to $830 million for the year, showing it continues to expect strong growth and profitability before interest.
As of May 19, CoreWeave has a market cap of $41.5 billion. Turning $10,000 into $100,000 from here implies its market cap soaring to around $400 billion, but considering the size of the cloud computing market and demand for AI, that is reachable.
The stock has already jumped 150% in just the last month, and if it can continue to capitalize on the AI boom and lower its cost of capital, CoreWeave will have a bright future. Given the potential of AI and the high margins across the cloud computing industry, a $400 billion market cap isn't out of the question.
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Jeremy Bowman has positions in Nvidia and Upstart. The Motley Fool has positions in and recommends Microsoft, Nvidia, Palantir Technologies, and Upstart. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
