The 3 Best Artificial Intelligence (AI) Stocks for September

Historically, September has been a bad month for the stock market. It has the most down months of any month for the S&P 500 (SNPINDEX: ^GSPC), and is one of the few months of the year to average a negative return over the long term. Still, I think there are plenty of reasons to invest right now, and several stocks look like they're offering investors prime buying opportunities.

Three at the top of my shopping list for September are Nvidia (NASDAQ: NVDA), Amazon (NASDAQ: AMZN), and Micron (NASDAQ: MU), and I think investors would be smart to buy them as soon as possible.

Image source: Getty Images.

Nvidia

Nvidia is still one of the top AI stocks to buy, and it showed that last week by reporting incredible earnings for the second quarter of its fiscal 2027 (which ends in January 2027). It blew away all expectations and grew revenue at a 106% year-over-year pace. Nvidia is the world's largest company, making it hard to fathom how it could keep doubling its revenue year over year, but that's exactly what it's doing.

Investors are worried about what future demand for its GPUs will look like, but Nvidia's management team calmed these fears. CFO Colette Kress noted on the conference call that management expects 70% revenue growth for fiscal 2028, which is well above what Wall Street analysts projected.

That kind of growth rate is simply incredible, and few companies can match it. As a result, I think Nvidia is well worth buying now, as the market hasn't really done a lot with that new information.

Micron

Micron is another company cashing in on the AI build-out. It manufactures memory chips, which are currently in short supply due to demand far exceeding the combined production capacity of all memory-chip makers. This has caused prices to skyrocket, benefiting Micron and its peers.

Micron hasn't sat idle and let this supply-demand imbalance fuel its profits. Instead, it's working on building new production facilities that will come online sometime in 2027 and 2028. However, Micron also believes that the tightness in the memory chip market won't be alleviated before 2028, leaving plenty of time for investors to profit from its shares.

Micron's stock is very cheap right now -- it trades for a mere 6 times fiscal year 2027 earnings -- because the market doesn't know what its future holds. However, once elevated prices and demand in excess of supply are confirmed for a longer period, the stock could start soaring. Based on its current bargain price tag, Micron's a stock well worth buying right now.

MU PE Ratio (Forward 1y) data by YCharts.

Amazon

Last is Amazon, which may not be at the top of an AI investor's list, but it should be. Amazon is spending big on its cloud computing division, Amazon Web Services (AWS), with up to $220 billion in capital expenditures this year. The heavy investments it has been making in infrastructure are starting to deliver revenues and earnings, as AWS' growth rate is accelerating.

In Q1, AWS grew at a 28% pace. In Q2, that figure increased to 37% year-over-year growth. As more computing power comes online, this growth rate will continue to accelerate.

With AWS making up 60% of Amazon's operating income in Q2 versus just 21% of revenue, this accelerating growth rate will push Amazon's profits higher at a quicker rate than revenue. I think this outcome will push Amazon's stock higher over the next few years, making right now an excellent time to invest in Amazon stock before the market catches on to this growth rate trend.

Keithen Drury has positions in Amazon and Nvidia. The Motley Fool has positions in and recommends Amazon, Micron Technology, and Nvidia. The Motley Fool has a disclosure policy.