AI investors need to know these three stocks, Jamie Murray says

On Ticker Take with Jon Erlichman on January 22, investor Jamie Murray said the AI trade is entering a new phase, where the biggest beneficiaries may be companies that deploy AI at scale rather than those building the underlying infrastructure.

Murray, president of Murray Wealth Group, said he remains bullish on core AI infrastructure leaders such as Nvidia and Broadcom, which are held in his Global Equity Growth Fund.

“We’re still seeing revenue estimates for out years move higher and higher,” he said, adding that this reflects “strong demand for AI servers and equipment.”

However, Murray said AI is now moving from testing into broad production use.

“What we’re seeing is that AI is going from a testing phase into a production phase across the whole economy,” he said, noting that in many organizations “AI is now the default” for new projects. As a result, his focus has shifted toward large, global operators with scale and proprietary data that can embed AI across their operations.

One example is Amazon. Murray said the market tends to focus on Amazon Web Services, but he believes AI-driven efficiencies across the broader business are underappreciated.

“Amazon is leveraging AI across their entire operations,” he said, pointing to robotics, warehouse automation and delivery optimization.

He said that Amazon’s margins, which are lower than many AI peers, could steadily rise as automation increases.

“Amazon has publicly stated that they think they can keep their headcount flat while they continue to grow this giant company over the next five to 10 years,” Murray said.

Murray also picked UnitedHealth Group , arguing that AI is particularly well suited to healthcare administration.

“AI at its core is really just great about picking up patterns and finding more efficient ways to do repetitive administrative tasks,” he said. Given UnitedHealth’s scale and low operating margins, Murray said cost savings driven by AI could translate directly into profit growth as recent headwinds fade.

His third pick was Nu Holdings , which he described as a highly scalable digital banking platform with more than 130 million users across Latin America. Murray said AI allows Nu to grow at very low incremental cost.

“Nu’s cost to serve a customer is just about US$0.80 to US$0.90 per month, and from that they generate about US$13 to US$14,” he said, adding that AI should further accelerate profitability as the company expands into new markets.

Murray said the next leg of the AI opportunity lies with companies that can translate AI adoption into real operating leverage.

“We’re looking for industry leaders that can leverage AI across large operations,” he said, arguing that this phase of the cycle could produce a new set of long-term winners.

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