Amid the ongoing fervor in artificial intelligence (AI) trading, Wall Street has begun searching for the next wave of "winners." Bank of America suggests the next phase of AI trading will hinge on autonomous agents, with five stocks, including Amazon, potentially leading this surge. Despite widespread talk of an overheated AI industry, the bank believes the "phase of market overheating" has yet to arrive. Its latest report indicates that while the AI sector has centered on chatbots and large language models for the past two years, 2026 will mark the inaugural year of "autonomous artificial intelligence," where software capable of independently executing tasks will take center stage.
According to BofA analyst Justin Post, the AI industry's boom will not peak until the "most prominent AI unicorns"—startups valued over $10 billion—go public. Companies like OpenAI, Anthropic, and xAI, speculated to potentially launch initial public offerings in 2026, fall into this category. Before that occurs, investment opportunities lie with companies capable of utilizing agent systems that perform functions like shopping, booking travel, and executing other operations.
Bank of America's top picks are Amazon.com, U.S. mobile technology firm AppLovin Corporation, online home goods retailer Wayfair, travel giant Expedia Group, and online video game platform Roblox Corporation, identifying them as the primary beneficiaries of the AI agent technology revolution. Amazon Stands Out Among large-cap tech stocks, Amazon.com is BofA's top pick for the first quarter of 2026, with the bank highlighting the company's potential advantages. Post is optimistic about continued accelerated growth in Amazon Web Services (AWS) and efficiency improvements in the retail segment. Wall Street projections suggest AWS will achieve an annual growth rate of 21%, but Post believes this figure could be surpassed as Amazon gains greater cloud service capacity and more robust infrastructure by 2026.
Concurrently, Amazon has made progress with its proprietary AI chip, Trainium, with its latest Trainium3 product enhancing efficiency and computational power. Post stated that future versions of this chip will integrate with NVIDIA's technology, potentially positioning AWS as the lowest-cost provider for AI workloads. In its retail business, Amazon is driving margin growth through expansion in advertising, more efficient inventory management, the application of robotics, and a reduction in staff headcount. Post wrote that, bolstered by over 1 million robots and more efficient fulfillment centers, Amazon's retail operating margin is projected to increase from 6.1% in 2025 to 8.3% by 2027.
Post emphasized that both Amazon's retail and cloud operations equip the company to become the default infrastructure for enterprise e-commerce. He also noted that Amazon commands over 40% market share in U.S. e-commerce, partly due to its Prime service. He added that Amazon's AI shopping assistant, Rufus, currently provides shopping recommendations and price tracking, with the potential for future upgrades to offer "comprehensive automation capabilities." He also mentioned a potential automated shopping agreement between Amazon and OpenAI in 2026, which Post believes would likely include advertising revenue-sharing terms. Other Potential Winners Regarding other companies, Post pointed out that Wayfair has made significant strides in furniture shopping, becoming an early partner for Google's "smart checkout" feature. The company has also developed an autonomous AI assistant to handle common customer inquiries.
Furthermore, the travel industry is poised to be a "key battleground" for intelligent agent AI in 2026 due to its involvement in multi-step planning, with various players racing to automate processes. Post wrote that Expedia is successfully transitioning from a traditional booking website to an infrastructure provider for new AI travel agents. AppLovin Corporation's position in the mobile gaming industry and its expansion into e-commerce are expected to insulate it from headwinds in these sectors. Post noted that advertising within mobile games garners significant attention, making it more persuasive for consumers. AppLovin's Axon product, which uses AI to target ads precisely to potential buyers, is seeing widespread adoption by online merchants.
Finally, Roblox Corporation is also developing an advertising program. Although still in its early stages, the platform's vast and highly engaged community of approximately 150 million daily active users positions this initiative to potentially make Roblox a "significant advertising destination." Beyond advertising, intelligent AI tools like Roblox's Studio Assistant can significantly increase the speed at which developers release new games, serving as a key growth driver.
