Artificial intelligence (AI) has been causing a fair bit of carnage in the growth part of my ISA portfolio over the last few weeks. Uncertainty about what damage this revolutionary technology could do to business models has caused many investors to panic.
However, when I look at the growth companies in my Stocks and Shares ISA, I’m very optimistic that they’re only going to become stronger from AI. Here are two shares that stand out.
King chipmaker
Let’s start with the stock most synonymous with the AI revolution: Nvidia (NASDAQ:NVDA). Since the launch of ChatGPT, the company has been catapulted higher to become the world’s largest by market cap.
Last year, the AI chip king reported revenue growth of 65% ($219bn), with net income of $120bn. For this year, Wall Street expects the top line to grow a further 68%.
This is staggering growth for a company already operating at such scale. That said, rising competition from AMD, Broadcom, and Amazon poses risks moving forward.
Can AI keep booming? Well, there will likely be more AI agents than human workers by 2035. And the number of AI robots — including cleaning robots and self-driving vehicles — is tipped to hit 4bn by 2050, according to Citigroup.
As CEO Jensen Huang just confirmed: “Computing demand is growing exponentially — the agentic AI inflection point has arrived.”
In other words, we’re more at the beginning of this revolution than the end. Nvidia’s products look set to stay at the very centre of it all.
The incredible sums the firm spends on R&D to stay on top is an underappreciated competitive advantage.
A wide-moat stock
Next we have Axon Enterprise (NASDAQ:AXON). The stock is down 39% since August, even after jumping 20% earlier this week.
Axon sells Tasers, body cameras, and software products to law enforcement agencies. In 2025, revenue leapt 33% to $2.8bn, marking the fourth consecutive year of growth above 30%. Annual bookings, which is the total value of all contracts signed during the year, surged 46% to $7.4bn.
The company is bundling cutting-edge AI products into a subscription package, and this is going down a treat with customers. In fact, the first AI product called Draft One, which automates large parts of the police report writing process through audio footage captured by body cameras, is the firm’s fastest-ever growing product.
Draft One is saving officers many hours per week, allowing them to focus on active policing instead of writing reports.
Another product is a voice-activated AI companion directly in Axon body cameras. This includes real-time translation across 50+ languages, allowing the police to easily interact with almost any member of the public.
Building AI products with real-world data from its own body cameras gives the company a powerful competitive edge.
My pick now
Which one is the most attractive right now? I would say Axon looks toppy, and could pull back sharply if growth decelerates in the coming quarters. This is the key risk.
In contrast, Nvidia stock’s trading at 29 times forward earnings. That’s cheaper than shares like Rolls-Royce, Walmart, and Nike. None of which is growing as quickly or as profitably.
Of these two then, I would say Nvidia is worth considering buying in March. It’s currently priced more like a value than a growth stock.
