AI hardware headlines often grab attention, but the real story for many investors sits in the cloud services that power and consume that compute. AMD’s stronger than expected Q2 2026 results and its much larger forecast for the AI accelerator market have sharpened focus on companies tied to data centers, GPUs and AI-heavy cloud workloads. Some stocks look better positioned than others as this spending ripple works through the ecosystem. This article walks through 3 stocks from our AI-Powered Cloud Services screener that appear positively exposed to the latest AMD news, and explains why they may deserve a closer look.

NetApp (NTAP)

Overview: NetApp is a data storage and cloud software company that helps large enterprises manage, protect, and access their data across on premises systems and major public clouds. Its products sit behind many AI and high performance workloads, handling tasks like data management, backup, compliance, and ransomware protection.

Operations: NetApp generates most of its US$6.9b in annual revenue from its Hybrid Cloud segment at about US$6.2b, with Public Cloud contributing roughly US$688m and sales spread across the Americas, EMEA, and Asia Pacific.

Market Cap: US$35.9b

For investors watching the AI hardware surge, NetApp offers a way to focus on the storage and data layer that actually feeds GPUs. The company already works with major cloud providers and large enterprises on AI infrastructure projects, while recent deals with Cisco and others show how deeply NetApp is being woven into new AI data pipelines. At the same time, you need to weigh high leverage, insider selling, and competition from hyperscalers that can pressure margins and growth. If you want to understand how NetApp’s subscription heavy model, AI ready product set, and cash flow profile could respond as AMD’s accelerator forecast plays out, the details behind those headlines matter.

NetApp’s AI ready storage footprint and subscription heavy revenue can look like a quiet growth engine behind the GPU boom; yet the real story sits in the 3 key rewards and 1 important warning sign

GoDaddy (GDDY)

Overview: GoDaddy is a cloud-based platform that helps small businesses, entrepreneurs, and developers secure domain names, build websites and online stores, run marketing campaigns, and accept payments, all from one provider.

Operations: GoDaddy generates about US$3.1b of revenue from its Core Platform segment and roughly US$2.0b from Applications & Commerce, with sales split between the U.S. at about US$3.4b and international markets at around US$1.7b.

Market Cap: US$11.2b

GoDaddy sits in the slipstream of rising AI and cloud demand, using tools like its Airo AI platform and AI-enabled marketing services to support customer retention, average revenue per user, and free cash flow. Revenue is still grounded in domains and hosting, but the higher margin Applications & Commerce segment and AI driven bundles are becoming more important. In addition, share buybacks and a focus on cash generation suggest management is prioritizing shareholder returns. At the same time, leverage levels, intense competition from larger platforms, and customer churn risks can put pressure on growth and margins. Understanding how GoDaddy is balancing AI investment, debt, and monetization is key to assessing the impact of broader AI-related trends on this stock.

GoDaddy’s AI push, the rising Applications & Commerce mix, and hefty buybacks suggest that the headline story may be only half complete. Get the fuller picture and the key risk threads inside the analysis report for GoDaddy

Amdocs (DOX)

Overview: Amdocs provides cloud based software and services that help telecom, media, and other service providers run critical billing, customer management, and network operations, increasingly using GenAI tools to automate and personalize customer experiences.

Operations: Amdocs generates about US$4.6b of revenue from providing software products and services, with around US$3.0b coming from North America, US$743m from Europe, and US$853m from the rest of the world.

Market Cap: US$5.9b

Amdocs stands out in AI powered cloud services because it sits at the core of how large telecom operators bill customers, manage traffic, and roll out new 5G and digital offerings, while steadily weaving GenAI into those workflows. The stock currently trades well below some estimated fair value ranges, even as earnings quality is described as high, profit margins sit near 12%, and return on equity is solid. At the same time, all funding coming from external borrowing and slower expected revenue growth than the wider US market are important constraints. With recurring managed service contracts, a large backlog and active dividends and buybacks, the real question is how all of that combines for Amdocs as AI related spending, including the boost from AMD’s data center momentum, flows through to its customers over time.

Amdocs’ recurring telecom contracts, GenAI push and active capital returns may indicate a story that many investors are pricing too simply. See how the full risk reward picture looks inside the analysis report for Amdocs

The three AI powered cloud services stocks in this article are only a starting point, with the full screener surfacing 34 more companies that pair AI, GPUs, and data center exposure with equally compelling narratives. Identify the setups that best match your own thesis by using Simply Wall St to filter catalysts, financial health, and business narratives across the full AI-Powered Cloud Services screener.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.