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Artificial intelligence (AI) is transforming the global economy. But investors looking to gain exposure to this transformative sector will really need to look at US stocks. This is where the vast majority of the AI action is.
While chipmakers like Nvidia dominate headlines, the broader AI value chain stretches far beyond one company or sector. Two stocks I see as worth considering at opposite ends of that chain are Dutch semiconductor specialist ASML (NASDAQ:ASML) (traded in Europe and the US) and American software giant Salesforce (NYSE:CRM).
Supplying the picks and shovels
If AI is the new gold rush, ASML is selling the picks and shovels. The company is the world’s only manufacturer of extreme ultraviolet (EUV) lithography machines. This essential equipment is used to produce the most advanced semiconductors on the planet.
These cutting-edge chips are the backbone of AI infrastructure, powering data centres, model training, and edge deployment. Nvidia’s GPUs, AMD’s accelerators, and Apple’s in-house silicon all rely on chip foundries that use ASML’s EUV machines. Without EUV, there is no AI.
ASML’s machines are immensely complex, and the latest high NA (numerical aperture) EUV lithography machines cost around $380m. Barriers to entry are sky-high, and the firm has near-monopoly status in its niche. And while Chinese entities are trying to catch up, they appear to be a long way behind.
Risks? Well, ASML’s management recently disappointed the market with cautious guidance for 2026, stating they “cannot confirm growth in 2026” due to macroeconomic uncertainty and the impact of ongoing US-China trade tensions and tariff risks.
However, at 24 times forward earnings and with a price-to-earnings-to-growth (PEG) ratio of 1.49 — potentially cheap given its near-monopoly status — it’s certainly worth considering. I am watching very closely.
AI for enterprise
At the other end of the value chain sits Salesforce, a global leader in customer relationship management (CRM) software. Its products help businesses manage sales, marketing, service, and data. It’s now looking to be a leader in agentic AI.
Through its Einstein AI platform and new Copilot tools, Salesforce is automating workflows, generating insights, and enhancing productivity for customers across sectors. It’s not just about operational efficiency. This is about turning AI into a revenue-driving force within the enterprise.
What’s more, it also practices what it preaches. AI is accounting for 30% to 50% of the company’s own workload. Unlike hardware firms, Salesforce isn’t building chips or data centres. Instead, it’s applying AI where it counts: the user interface.
Moreover, with one of the world’s largest structured datasets on customer behaviour, and a sticky client base, the company is well-positioned to monetise AI over time.
There are risks, of course. The traditional enterprise solutions business is slowing and AI really is the way forward for Salesforce. One concern is whether Salesforce can use its strength to become the agentic AI market leader. And that’s always an issue with the likes of Microsoft around.
However, after a tough couple of years, Salesforce has refocused on profitability, cut costs, and improved free cash flow. It’s currently trading at 21 times forward earnings and with a PEG ratio of 1.2. I don’t think that’s too demanding and that’s why I believe investors should consider it. This stock is now a large part of my portfolio.
