Semiconductor stocks and technology behemoths get all the acclaim when it comes to artificial intelligence, but RBC Capital Markets is offering up some alternate ways to play the theme. Demand for AI has launched the stock market toward new highs this year, boosting leading AI chipmaker Nvidia by nearly 155% this year and accelerating its market cap from $2 trillion to $3 trillion in a matter of months. Other technology giants have followed suit, with Amazon closing above a $2 trillion market value for the first time ever last month. Against this backdrop, RBC Capital Markets highlighted some of its favorite ways to play the theme beyond the classic winners, viewing AI as the “next disruptive mega-trend.” The firm also suspects that the market is underestimating how disruptive the technology will be. “We think GenAI has the potential to disrupt the entire ecosystem and will significantly change the ways businesses, communities, and people interact with one another and with machines,” wrote the firm’s equity research team. “And while we think this will take several years to play out, the proliferation of GenAI is likely to re-shape the generations ahead similar to the way the PC, Internet, mobile phones, cloud computing or social media has impacted us today,” the group added. Here are some of the stocks that made the list: It is no surprise that Meta Platforms made the cut, with shares of the Facebook parent up 52% this year as the company rolls out new AI features and tools . While the social media giant has already gotten a boost from the trend, RBC Capital Markets expects shares to benefit from a world where digital advertisers market toward AI and virtual assistants. The firm also regards the growth of AI as a way for the largest behemoths to continue to cement their dominance. “As certain apps gain significant adoption and/or popularity, given the ecosystem providers control the true top of funnel, we’d expect those companies to capture a significant portion of the monetization at the expense of the product developer,” the team wrote. RBC Capital Markets also highlighted a handful of software stocks that could win big as AI proliferates, viewing the tool as a “revenue enhancer and profitability expander” that may take three to five years to materialize. CRWD YTD mountain Share performance in 2024 CrowdStrike is one example that should benefit from heightened security needs, including data protection. Shares of the provider have already rallied 52% this year. Adobe is one name cashing in on AI-fueled creativity and innovation. The company is already making strides, with its Firefly suite that harnesses AI to generate images . The tool could potentially alter digital advertising campaigns and offer great return on investment to users. “As adoption continues to grow, we expect to see a significant growth opportunity for Adobe over the next few years as it monetizes these offerings through upgrading customers, potential standalone products, and scaling across enterprises,” the firm said. Shares of Adobe are off 3% in 2024. The information technology services sector is another under-the-radar winner that should prosper from AI. The trend should boost project demand, although it may potentially threaten the industry by automating tasks and eliminating workers. The firm views IT company Accenture as an early winner in the wave, noting that AI bookings exceeded $2 billion during the first three quarters of fiscal 2024. “We think that Accenture remains the best positioned to help clients migrate to the cloud and organize aggregate datasets, while the history of its build out of cloud solutions also provides the playbook for providers to build out AI-related solutions,” the firm said. Accenture is down nearly 15% in 2024. Other potential AI winners include liquid cooling leader and power management company Eaton , Shopify , Thomson Reuters and Moody’s .