OpenAI’s confidential IPO filing, at a reported $852b valuation and paired with an employee share tender, is sharpening attention on listed companies tied to AI. You do not need to chase private deals to have exposure to this theme. Public markets already offer large, established stocks that touch AI infrastructure, tools, or adoption in different ways. This article highlights 3 stocks from our AI Trend screener that appear positively exposed to the OpenAI news and the broader rush of AI firms toward public markets. The goal is to help you decide which stories might deserve a closer look or a place on your watchlist.

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NVIDIA (NVDA)

Overview: NVIDIA is a US-based chip and software company that builds the GPUs, data center platforms and AI tools that power modern generative AI, cloud computing, gaming and automotive systems for customers ranging from big tech platforms to car makers and healthcare providers.

Operations: NVIDIA generates US$25.1b from Graphics and US$228.4b from Compute & Networking, with US$187.7b coming from the United States, US$46.7b from Taiwan, US$14.6b from China (including Hong Kong) and US$4.5b from other countries.

Market Cap: US$4,967.6b

NVIDIA sits at the heart of the OpenAI IPO story, as its GPUs and data center platforms are used for training and running large AI models. Management commentary points to ties with OpenAI and other AI firms as they scale capacity. The stock combines a P/E of 31.7x and margins around 63%. Investors also need to weigh concentration in data center AI spending, export control risks around China, and the potential for rival chips or open-source software stacks to affect its current position. To see how these themes and partnerships relate to a broader investment thesis, valuation work and risk review, investors may want to go beyond this overview and examine the detailed narrative and model assumptions behind NVIDIA’s AI business.

AI spending could be concentrating returns in NVIDIA, yet a 31.7x P/E and 63% margins raise big questions about how much is already priced in and where pressure could emerge, so review the 4 key rewards and 2 important warning signs (1 is major!)

Broadcom (AVGO)

Overview: Broadcom is a US-based semiconductor and infrastructure software company that supplies custom AI accelerators, high speed networking chips and VMware powered cloud software that sit at the core of modern data centers, telecom networks and enterprise IT.

Market Cap: US$1,826.3b

Broadcom is one of the clearest ways to gain exposure to the build out of AI data centers, with custom chips and networking hardware supplied to hyperscalers and AI labs such as Google, Meta, Anthropic and OpenAI. It also provides the VMware software platform that helps enterprises run private cloud and AI workloads. The stock combines an AI hardware story with recurring infrastructure software revenue and high return on equity, but it is also heavily exposed to a small group of large AI customers, carries substantial debt and still relies on weaker legacy chip segments. If OpenAI’s IPO and the wider AI rush keep driving demand for compute capacity, Broadcom sits close to the flow of spending, but concentration risk and execution on VMware mean the full picture deserves closer inspection.

AI infrastructure demand, VMware recurring revenue and high return on equity could be masking the real story in Broadcom. Unpack the full risk reward picture with the 4 key rewards and 2 important warning signs

Zscaler (ZS)

Overview: Zscaler is a cloud security company that routes users and applications through its Zero Trust platform, aiming to replace traditional network firewalls by securing internet access, private apps and data for enterprises across industries.

Operations: Zscaler generates about US$3.2b from sales of subscription services to its cloud platform and related support, with revenue spread across the United States, Europe, Middle East and Africa, Asia Pacific and other regions.

Market Cap: US$21.1b

Zscaler sits at the crossroads of two powerful forces: AI adoption and the shift to Zero Trust security. Its platform is being used to secure AI agents, data and cloud workloads as firms roll out tools from OpenAI and others. Programs like AI-Guardian with major IT services partners aim to position Zscaler as a default choice for large enterprises. At the same time, the company remains loss making, faces heavyweight cybersecurity and cloud competitors, and depends on high spending to support growth. For investors who can tolerate volatility and execution risk, Zscaler provides a focused way to gain exposure to secure AI deployment and the move away from legacy firewalls, but the full risk and potential trade off requires a deeper look.

AI fueled security, Zero Trust migration, and loss making growth create an unusual mix for Zscaler, so review the 3 key rewards and 2 important warning signs

The three stocks in this article are just a starting point, and the full Artificial Intelligence (AI) Trend screener surfaced 14 more companies with equally compelling AI related narratives that could deserve a closer look. Use Simply Wall St to identify, filter and analyze the exact catalysts, business roles and AI exposure that matter to you so you can focus on the highest conviction ideas in this theme.

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If NVIDIA or any of these companies sound like a great opportunity, register for FREE with Simply Wall St and add your companies to a Watchlist to monitor the share price against the fair value the ideal entry point. Once you've made your move, manage your holdings with our Portfolio Command Center that filters out the noise to deliver only the most critical, actionable updates. Throughout your journey, our Community allows you to filter the best ideas from thousands of investor perspectives. By uncovering hidden catalysts and risks early, you'll accelerate your decision-making and stay one step ahead of the market.

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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.