Two AI-Powered Stocks Gaining 190% and Beyond: Market Watchers See Further Runway

Former hedge fund manager Jim Cramer, who delivered consistent 24% annual returns over 14 years, recently highlighted two technology stocks that have already produced extraordinary gains—and he still believes they merit investor consideration today. Since the beginning of 2023, Amazon has climbed 190%, while Uber Technologies has surged 230%. Yet despite these impressive moves, Wall Street analysts maintain bullish outlooks on both companies, driven by their exposure to artificial intelligence and autonomous vehicle technologies.

The case for these stocks rests not on past performance alone, but on the structural advantages each company is building in rapidly expanding markets. Amazon and Uber are positioned differently, but both stand to capture significant value from the AI revolution reshaping their respective industries.

Amazon: The AI Cloud Computing Powerhouse

Amazon Web Services (AWS) has established itself as the primary hub for artificial intelligence workload deployment. CEO Andy Jassy emphasized this dominance to investors, explaining that AWS houses the majority of enterprise data and computing tasks, making it the natural choice for companies scaling AI applications. The company has capitalized on this advantage by developing proprietary AI accelerators for both training and inference operations—alternatives to Nvidia’s widely used GPUs that give customers additional options and potentially lower costs.

Beyond hardware, AWS has fortified its position through strategic partnerships and product expansion. The company serves as the preferred cloud platform for Anthropic, the well-funded AI startup valued at $350 billion. AWS also launched Bedrock, a dedicated service for building and deploying generative AI applications, directly addressing growing enterprise demand in this space.

Meanwhile, Amazon’s core retail and logistics operations are being transformed through thousands of internally developed AI applications. The company has deployed generative AI solutions to optimize inventory management, improve demand forecasting, streamline last-mile delivery logistics, and enhance customer service functions. Amazon has also created machine learning models enabling robots to navigate warehouse environments more efficiently, with additional models in development to allow human workers to operate robots through natural language commands.

Wall Street’s consensus projects Amazon earnings growth of 18% annually over the next three years—a figure that appears modest until contextualized against the company’s current valuation of 35 times earnings. Importantly, Amazon has beaten consensus earnings expectations by an average of 25% over the past eight quarters, suggesting management can continue delivering surprises to the upside.

Uber: From Ride-Sharing to Robotaxi Infrastructure

Uber’s path to AI relevance differs from Amazon’s cloud-first approach. The company operates the world’s largest ride-sharing platform alongside one of the largest food delivery networks. This dual-service model creates network effects—Uber efficiently acquires new customers by cross-promoting mobility services to delivery users and delivery offerings to mobility users. While not branded as an AI company, Uber employs machine learning extensively to match and route drivers, deliver customer support, and personalize advertising at scale.

The more transformative opportunity lies in autonomous vehicles. Uber’s dominant position in ride-sharing makes it the ideal partner for autonomous vehicle developers seeking to commercialize robotaxi services at scale. CEO Dara Khosrowshahi articulates the strategic advantage clearly: “Uber can deliver the lowest operational costs for our AV partners because we are leaps and bounds ahead on every aspect of the go-to-market capabilities that are critical for commercialization.”

The company already partners with 20 autonomous vehicle companies, including some of the industry’s most important players. Waymo, owned by Alphabet, offers robotaxi rides through Uber in Phoenix, Austin, Atlanta, and additional markets. Avride operates robotaxi services through Uber in Dallas. WeRide has launched robotaxi rides in the United Arab Emirates and Saudi Arabia through the platform. Separately, Nvidia provides hardware, sensors, and software components through its Hyperion platform, which Uber partners use to build autonomous vehicles.

Uber’s roadmap targets deployment of 100,000 robotaxis within the coming years. Market research from Straits Research projects ride-sharing markets will expand at 21% annually through 2033, while Grand View Research estimates the robotaxi market will grow at 99% annually over the same period—a dramatic divergence illustrating the transformation underway. Morgan Stanley analysts predict Uber will capture approximately 22% of U.S. robotaxi trips by 2032, positioning the company in third place behind Waymo and Tesla.

Wall Street expects Uber earnings to expand 26% annually over the next three years. At a current valuation of 10 times earnings, the stock appears inexpensive relative to growth expectations, particularly given Uber’s track record of beating consensus estimates in six of the past eight quarters.

The Investment Case: Patient Capital and Multi-Year Horizons

Both stocks have already delivered the 190% and 230% gains respectively since early 2023, yet each maintains structural advantages that could drive further appreciation. Amazon’s duopoly alongside Microsoft in cloud computing, combined with its internal AI deployments, creates durable competitive advantages. Uber’s infrastructure for ride-sharing presents an unmatched entry point for autonomous vehicle commercialization.

For investors with time horizons extending at least three years, both companies present opportunities to participate in AI’s expanding influence across cloud infrastructure, enterprise software, and transportation services. The valuations at current levels—35 times earnings for Amazon and 10 times earnings for Uber—reflect growth expectations that appear achievable based on recent execution records.

The question is not whether these companies have already had their best performance. Rather, it is whether the structural shifts in AI adoption and autonomous vehicle deployment will continue generating returns for shareholders who add to positions today.