The stock market is on quite the run. Since bottoming on April 8, the major indexes have skyrocketed. As of this writing, the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average are up 26%, 37%, and 18%, respectively.

That said, I think the bull run for some artificial intelligence (AI) stocks is just getting started. Here are two that I believe have plenty of upside remaining.

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CrowdStrike Holdings

Shares of cybersecurity leader CrowdStrike Holdings (CRWD -2.14%) have been on fire for years and are up around 350% over the past five years. That works out to a compound annual growth rate (CAGR) of 35%, far better than the S&P 500's 16% CAGR over the same period.

Yet, I think this impressive bull run can continue. The company and its stock have proved resilient. After a platform update from the company caused a global computer outage that resulted in thousands of cancelled flights roughly one year ago, the stock fell by about 40%. However, within six months, it recovered all its losses and was once again making new all-time highs.

CrowdStrike's strength is its AI-powered cybersecurity platform, which offers some of the best possible protection for organizations' networks and data. Cybercrime is everywhere, and organizations are terrified of becoming the next high-profile victim.

As a result, cybersecurity budgets are exploding. According to analyst estimates compiled by Yahoo! Finance, revenue should increase 21% this year to an annual total of $4.8 billion. By next year, that figure is expected jump a further 22% to $5.8 billion.

The company's resilience in the face of last year's major outage is impressive; the secular trend toward more cybersecurity is undeniable; and analysts remain bullish on its ability to grow revenue at 20% or more for at least the next two years. CrowdStrike stock appears poised for a long-term bull run.

Nvidia

Nvidia (NVDA 2.06%) has already enjoyed a huge bull run over the last few years. As of this writing, it is the largest company in the world, with a market cap of more than $4.2 trillion. Its stock has soared by nearly 1,000% over the last three years, for a CAGR of 121%. Yet, most analysts remain bullish on Nvidia. But why? 

In short, it comes down to growth. Take its earnings, for example. In the company's latest fiscal year (the 12 months ended on Jan. 26, 2025), it generated $2.99 in earnings per share (EPS). According to estimates compiled by Yahoo! Finance, sell-side analysts expect Nvidia to generate $4.29 of EPS in fiscal year 2026 and $5.76 in fiscal 2027. That represents year-over-year growth of 43% and 34%, respectively.

The reason analysts are optimistic about Nvidia's EPS growth is that the AI market remains red hot. Big tech players like Meta Platforms, Alphabet, and Tesla continue to invest huge amounts in building up their AI infrastructure. Meta plans to fully automate ads on its platform using the technology. Alphabet and Tesla want to scale up their robotaxi business using AI. All three companies have other ambitious AI-related goals that will require substantial amounts of computing power.

Nvidia, as the leading AI chip designer, stands to benefit as these tech giants ramp up spending in the coming years. For investors, the takeaway is clear: Yes, Nvidia has enjoyed a huge bull run -- but it's likely that it's far from over.