JPMorgan Spots Second Wave of AI Winners Beyond Mega-Cap Names

JPMorgan is directing investor attention to a second wave of AI beneficiaries beyond the mega-cap names. The bank has kept Shopify and Take-Two Interactive on its U.S. Equity Analyst Focus List as its highest-conviction consumer internet investments, while upgrading Clear Secure, Xometry, and EverQuote to Overweight. These five companies span e-commerce, gaming, manufacturing, identity verification, and insurance, but share a common profile: each is gaining market share in a large addressable market while using AI and product innovation to drive growth and improve profitability.

JPMorgan sees a common thread among the five preferred stocks: each is using AI to modernize their respective industries. For Clear Secure, the bank highlighted expanding airport penetration, corporate memberships, international growth, and new premium offerings as drivers of growth. The bank also estimated that Clear's renewed partnership with American Express could add about $140 million in incremental annualized bookings.

Xometry carries the most aggressive upside among the new Overweight calls, with a December 2027 price target of $120, about 44% above its recent price of $83.59. JPMorgan pointed to AI-driven product improvements, growing enterprise adoption, international expansion, and the company's partnership with Siemens as catalysts for growth.

ETF investors can access these companies through various funds, including the VanEck Digital Native Economy ETF, which holds both Shopify and Take-Two. The ARK 3D Printing ETF also provides exposure to Xometry, while the iShares Cybersecurity and Tech ETF includes Clear Secure.