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Best AI Stocks to Buy in Canada (2026)

Updated

This page lists AI stocks Canadians can buy: Canadian companies building or using artificial intelligence, and the US leaders that trade on American exchanges. Market values and business details change quickly in this sector; the Canadian market values below are a snapshot from TSX market data (TMX Money) on September 25, 2026, so check current figures before relying on them. Buying US-listed shares involves a currency conversion; our guide to buying US stocks from Canada compares the ways to do it. Every other guide in this section is listed in the Canadian stocks hub.

Top Canadian AI Stocks

All of these trade on the TSX; some, such as Shopify (Nasdaq) and BlackBerry (NYSE), also trade on a US exchange.

CompanyTickerMarket CapBusiness (as the company describes it)
ShopifySHOP$243 billionInternet infrastructure for commerce
Constellation SoftwareCSU$61 billionAcquires and runs software businesses serving specialized industries
CelesticaCLS$65 billionDesign, engineering and manufacturing of data centre hardware for AI and cloud
Descartes SystemsDSG$9.5 billionLogistics network and software
BlackBerryBB$6.8 billionSecure software for governments, critical industries and automakers (including QNX)
Open TextOTEX$7.7 billionInformation management software (a “Cloud and AI company”)
KinaxisKXS$4.8 billionAI-based supply chain planning software
Enghouse SystemsENGH$0.9 billionEnterprise software for remote work, visual computing and communications
DoceboDCBO$0.8 billionAI learning platform for employees and customers
Coveo SolutionsCVO$0.2 billionAI search and relevance platform for enterprises

Only some of these describe themselves as AI companies (Coveo and OpenText, for example). For the others, AI is one feature of their software or hardware, so check how much of the business actually depends on it.

Top US AI Stocks (Accessible from Canada)

These trade on US exchanges in US dollars. Their market values and valuation multiples change quickly; check a current quote before relying on any figure.

AI Leaders (Mega-Cap)

CompanyTickerAI Business
NVIDIANVDAChips, systems and software for AI data centres
MicrosoftMSFTAzure AI cloud services, Copilot
Alphabet (Google)GOOGLGemini models, Google Cloud AI
AmazonAMZNAWS AI services
MetaMETAIts own AI models, including Llama
AppleAAPLApple Intelligence, on-device AI

AI Infrastructure (Chips & Hardware)

CompanyTickerAI Role
Taiwan SemiconductorTSMContract chip manufacturing (foundry) for other companies’ designs
BroadcomAVGOAI networking and custom AI chips
AMDAMDAI accelerator GPUs and CPUs
Marvell TechnologyMRVLData infrastructure chips (compute, connectivity, storage)
Arm HoldingsARMChip designs licensed to other chipmakers, and now some chips of its own

AI Software & Applications

CompanyTickerAI Role
PalantirPLTRAI analytics for government and enterprise
SnowflakeSNOWCloud data platform (“AI Data Cloud”)
ServiceNowNOWIT workflow automation
CrowdStrikeCRWDAI-based cybersecurity
DatadogDDOGCloud monitoring and security (observability)

How to Evaluate AI Stocks

MetricWhat to Look ForRed Flag
Revenue growthStrong year-over-year growthSlowing growth below market expectations
AI revenue specificallyBreaking out AI as a growing revenue lineAI mentioned but no revenue attribution
Gross marginStable or rising marginsDeclining margins
R&D spendingSignificant investment in AI capabilitiesCutting R&D
Competitive moatProprietary data, network effects, switching costsEasily replicable product
Valuation (P/E, P/S)Reasonable relative to growth rateVery high multiples with slowing growth
Free cash flowPositive and growingBurning cash with no path to profitability
Customer concentrationDiversified customer baseOver-reliance on one client

Canadian vs US AI Stocks

FactorCanadian AI StocksUS AI Stocks
Number of optionsLimitedExtensive
Company sizeMostly small-cap and mid-cap, plus a few large companies such as Shopify (about $243 billion on September 25, 2026)Small-cap to mega-cap
CurrencyCADUSD (conversion needed)
Dividends in an RRSPCanadian dividends are taxed as income on withdrawal (no dividend tax credit)No US withholding tax under the Canada-US treaty
Dividends in a TFSATax-free15% US withholding tax, not recoverable
Sector exposureMostly software and hardware makers using AIThe full AI value chain, from chips to software

Portfolio Approaches

Illustrative approaches, not recommendations:

ApproachHow it works
Core + satelliteA broad index ETF such as VEQT or XEQT as the core, with a small AI ETF or stock position on the side
AI ETF onlyOne fund such as ARTI (Evolve), AIQ (Global X) or the Nasdaq-100 fund QQQ instead of single stocks
Individual stock picksSeveral AI stocks, which takes more research and carries more single-company risk

AI ETFs are compared in our guide to AI ETFs.

Risks of AI Stock Investing

RiskImpactMitigation
OvervaluationPrices may already reflect years of future growthBuying gradually rather than all at once
CompetitionNew entrants can disrupt current leadersDiversifying across several companies
RegulationAI regulation could limit growth or add costsDiversifying across sectors and countries
Tech bubble parallelAfter the 2000 dot-com peak, the S&P 500 fell 49% (March 2000 to October 2002) and many tech stocks fell much furtherKeeping AI a limited part of the portfolio
Single stock riskOne bad quarter can send a stock down sharplyHolding several names, or an ETF
Currency riskCAD/USD moves change the value of US holdings in Canadian dollarsHedged products, or accepting the currency risk

How to Buy AI Stocks in Canada

StepAction
1Open a brokerage account (Questrade, Wealthsimple, Interactive Brokers, etc.)
2Choose an account type (TFSA, RRSP, non-registered)
3Fund your account in CAD
4For TSX stocks: buy directly in CAD
5For US stocks: convert to USD (Norbert’s Gambit can lower the cost) or pay the broker’s conversion fee
6Place orders during market hours (TSX continuous trading: 9:30 AM to 4:00 PM ET; NYSE core session: 9:30 AM to 4:00 PM ET)
7Use limit orders to control your purchase price

Sources

The figures and rules on this page come from these sources, last checked against them between September 26, 2026 and October 13, 2026. How we check facts.