Artificial intelligence has moved from buzzword to real-world spending priority, even as inflation trends, bond yields and consumer confidence figures shift across major economies. While macro data from Europe, China and emerging markets keep markets focused on growth and pricing pressures, many investors are looking at AI stocks as a way to focus on companies tied directly to semiconductors, software, large language models, ChatGPT and cloud transformation. Using a targeted AI Stocks screener helps cut through the noise. In this article, you will see 3 stocks from that screener that stand out for closer research.

MARA Holdings (MARA)

Overview: MARA Holdings is an energy and digital infrastructure company that uses Bitcoin mining and AI compute to monetize excess or underused power, helping customers run high performance workloads such as AI inference more efficiently across North America, the Middle East, Europe and Latin America.

Operations: MARA Holdings currently generates around US$867.8 million in revenue from its Digital Currency Blockchain segment.

Market Cap: US$5.4b

Investors looking at MARA Holdings are really looking at a company trying to turn a volatile Bitcoin mining operation into a broader AI data center and energy infrastructure platform, backed by assets like Long Ridge Energy & Power and a pipeline of multi gigawatt projects. That shift could help diversify away from pure crypto exposure, but it comes with high capital needs, ongoing losses, a forecast revenue decline of 3% a year, and sensitivity to Bitcoin prices and regulation. If you want to understand how this AI and energy pivot, the treasury management of a large Bitcoin stash, and a stretched P/S multiple fit together, the full narrative and risk analysis lays out what you might be missing.

MARA Holdings is trying to turn volatile Bitcoin mining into an AI power play, but the real story sits in how its losses, Bitcoin holdings and rich P/S ratio intersect in the analysis report for MARA Holdings

Keel Infrastructure (KEEL)

Overview: Keel Infrastructure runs power rich data center campuses in North America that are built for high performance computing and AI tenants, while still generating income from Bitcoin related computing and hosting services. The company also offers electrician services in Quebec, tying its business directly to the build out and operation of digital and energy infrastructure.

Operations: Keel Infrastructure currently generates about US$218.6 million in revenue from cryptocurrency mining, with roughly US$101.4 million coming from Canada and US$117.2 million from the United States.

Market Cap: US$3.8b

Investors interested in Keel Infrastructure are effectively weighing an early stage AI data center landlord against an unprofitable balance sheet and a rich P/S multiple of 17.4x. The company has secured up to 2.2 gigawatts of power rich capacity and has raised US$458 million in convertible notes to progress sites like Panther Creek, Sharon and Moses Lake. However, revenue is forecast to decline and recent annual losses exceeded US$150 million. The key issue is whether scarce power, potential long term leases with hyperscalers and a balance sheet described as the strongest in its history can outweigh funding needs, a short cash runway and uncertainty over how quickly the pivot away from Bitcoin will translate into steadier AI infrastructure income.

Keel Infrastructure is trying to turn gigawatts of secured power into long term AI income, while losses and a short cash runway raise questions. Get the full picture in the Keel Infrastructure financial health report

Penguin Solutions (PENG)

Overview: Penguin Solutions is an AI focused infrastructure and memory specialist that designs and manages high performance computing systems, memory modules, storage and LED components for OEMs, enterprises and government customers under brands such as Penguin Solutions, Stratus, SMART Modular and Cree LED.

Operations: Penguin Solutions currently generates about US$570.4 million in revenue from Integrated Memory, US$538.0 million from Advanced Computing and US$239.8 million from Optimized LED products.

Market Cap: US$3.4b

Penguin Solutions offers a rare mix of AI infrastructure, memory and LED exposure, with profitability, rising AI driven demand and a growing services layer that can make earnings less lumpy over time. Recent results show higher net income even as revenue has been softer, while guidance points to stronger contributions from AI Infrastructure and Integrated Memory, backed by partnerships with SK Telecom, SK hynix and enterprise customers. At the same time, a rich P/E multiple, reliance on large Advanced Computing deals, tariff risk in Optimized LED and a CFO transition mean expectations are high and execution risk matters. The full narrative sets out how those strengths and vulnerabilities interact, and what they could mean for Penguin Solutions if AI spending or project timing shifts.

Penguin Solutions sits where AI infrastructure, memory and services intersect. Yet the real tension is how its rich P/E lines up with earnings quality, customer concentration and project timing in the analysis report for Penguin Solutions

The three AI stocks in this article are just a starting point, with the full Artificial Intelligence/ AI Stocks screener surfacing 642 more companies whose AI, semiconductor, software and cloud stories may be just as compelling. Use Simply Wall St to identify, analyze and filter for the specific catalysts and narratives that matter to you so you can focus on the AI opportunities that align most closely with your views.

Take Control of Your Investment Journey

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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.