The current bull market has significantly benefited companies involved in artificial intelligence (AI), though many stocks now seem fully priced. Some AI companies trade at prices that surpass Wall Street analysts' forecasts for the next year. Despite this, opportunities remain in the AI sector, with big tech firms expected to increase spending on AI hardware and development from 2025 onward. Here are three AI stocks that analysts believe could see substantial growth: 1. **Micron Technology (MU -1. 35%)**: As a semiconductor manufacturer specializing in memory chips crucial for AI servers, Micron has potential for a 194% upside, according to Rosenblatt analysts. The analysts' $250 price target implies significant growth, despite recent disappointing quarterly forecasts. Challenges include cyclicality in consumer-focused chips, prompting inventory reductions and margin pressures. However, strong demand for Micron's high-bandwidth memory chips boosted its data center revenue by 400% in the first quarter, setting the stage for future growth. Analysts expect profits to rise substantially by fiscal 2025, giving investors a potentially lucrative opportunity despite current headwinds. 2. **Advanced Micro Devices (AMD -1. 35%)**: AMD, a key player in the semiconductor industry, produces GPUs and AI accelerators.

Rosenblatt analysts are optimistic, projecting a 106% stock price increase with a $250 target. While Nvidia dominates the GPU market, AMD offers a credible alternative, positioning itself for growth. AMD’s data center revenue soared by 122%, with plans for accelerated GPU releases and market share gains. The company’s fabless model supports rapid product deployment and market adaptability. With shares trading at 24 times forward earnings, AMD appears well-positioned for profitability, with expected earnings growth outpacing current valuations. 3. **Dell (DELL 0. 37%)**: Known for its PCs, Dell is expanding rapidly in AI-optimized servers for data centers, boosting growth within its Infrastructure Solutions segment. Loop Capital anticipates a 60% upside, setting a $185 price target for Dell stock. Although recent earnings fell short, its AI server demand surged, with a $3. 6 billion order backlog suggesting continued strength. Dell's PC segment experienced a slight revenue decline but is expected to rebound alongside traditional server refreshes next year. Trading at just 12. 2 times forward earnings, Dell looks attractive as it forecasts substantial earnings growth. In summary, despite high valuations in the AI sector, companies like Micron, AMD, and Dell present compelling growth prospects for investors willing to navigate current market dynamics.