A wide range of tech stocks received a much-needed boost from artificial intelligence (AI) after an awful 2022. As we enter a new year, we could see lower rates and more powerful generative AI technologies. Investors lacking in AI stocks may seek to punch their tickets, even as valuations extend.

Undoubtedly, the well-known AI stocks on everybody’s radar may still have legs, perhaps for many years. However, investors should always strive to stay “in the know” to pay the right multiple for the right company.

Indeed, the secret is out. AI is a top question at numerous conference calls. And as more companies increase their spending capacity on AI projects, more AI picks will become available. Further, some of them may not even be viewed as AI plays today.

So, let’s examine three companies that may still have AI upside in the coming year.

Meta Platforms (META)

Meta Platforms (NASDAQ:META) has already experienced quite a bit of AI-induced upside in 2023. The stock has tripled (up an astonishing 201%) in the last two years. Hence, CEO Mark Zuckerberg successfully righted his ship’s trajectory.

Also, Meta will be joining other Magnificent Seven stocks making the “new all-time high” club in recent weeks. Generative AI will play a growing role in the trajectory of the stock’s future.

As generative AI meets metaverse, the current multiple (30.5 times trailing price-to-earnings) may still be too cheap relative to growth. The ad market could improve drastically as the company’s cost cuts continue to pay off in the form of share price momentum. Meanwhile, Zuckerberg is likely busy focusing on investing heavily in AI and examining its benefit to the metaverse.

With WhatsApp, Facebook, or Instagram on the devices of billions, Meta can easily convince its many users to try newly-released chatbots. From Llama 2 to chatbots with the likeness of “The Dungeon Master” Snoop Dogg and MrBeast, Meta is an AI firm aiming to excel in the AI arms race. Finally, let’s not discount the company’s efforts to make its own AI chips.

Apple (AAPL)

Of all the Magnificent Seven companies, perhaps Apple (NASDAQ:AAPL) is the one that’s isn’t actually an AI stock yet. Siri is definitely no ChatGPT.

Still, the world’s largest company doesn’t deserve to be overlooked when it comes to AI, at least according to Deepwater Asset Management analyst Gene Munster.

We’ve heard a lot of generative AI rumors, reports, and rants swirling around Apple lately (from Ajax to Apple GPT). Only time will tell if CEO Tim Cook has another thing up his sleeve for the new year, perhaps on the front of a large language model (LLM). Regardless, it’s impossible to be nose blind to Apple on the AI front, even if it ends up being one of the last up to the plate to deliver an AI announcement.

Today, Apple stock is just one big up day from hitting new all-time highs. As it tests $200.00 per share by year’s end, Apple does stand out as a more reasonably-valued way to play the long-term future of AI. Personally, I don’t think 2024 is the year that Apple launches an LLM, as too many unknowns remain at this point in the AI arms race.

Snowflake (SNOW)

Snowflake (NASDAQ:SNOW) is a cloud company moving well beyond data warehousing and storage solutions. More companies will not just be collecting swaths of data.

Instead, they’ll need the tools to analyze, present, and extract valuable insights from it. Therefore, Snowflake’s tools such as Streamlit to Snowpark handle those tasks. As companies ramp up their IT budgets in the new year, expect Snowflake to be a potentially sizable beneficiary as it adds to its software arsenal.

More recently, Snowflake bought data clean room firm Samooha. The deal enhances Snowflake’s data-sharing and governance capabilities in a year that could see AI-related spending jump.

Snowflake’s Director of Product Management Carl Perry stated that the acquisition “furthers our mission to mobilize the world’s data.” Indeed, data mobilization may be the trend that leads Snowflake back to next-level revenue growth.

On the date of publication, Joey Frenette owned shares of Apple and Snowflake. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.