AI Stocks to Buy Now: A Canadian Investor’s Guide

Investors need to distinguish the genuine players from pretenders before investing in AI stocks and not get burned.

Key Points
  • The TSX offers credible AI exposure through three leaders: Shopify (TSX:SHOP) — a $292.5B e‑commerce integrator/adopter embedding generative AI across its merchant platform; OpenText (TSX:OTEX) — an $11.9B EIM enabler powering OpenText.ai for secure enterprise AI; and Coveo (TSX:CVO) — a smaller AI relevance/SaaS specialist.
  • They cover different investor needs and budgets: SHOP for large‑cap growth and strong cash flow, OTEX for profitable enterprise software with a dividend, and CVO as a cheap, high‑upside SaaS play.
  • 5 stocks our experts like better than [Coveo] >

American tech titans are spending billions of dollars to win the artificial intelligence (AI) race. However, investors must know how to distinguish between the genuine players and companies riding the AI hype cycle or just talking about it.

The TSX doesn’t have many pure-play AI giants like in the United States. However, there are outstanding investment choices that are legitimate integrators, enablers, and adopters of AI.

AI image of a face with chips

Scource: Getty Images

Merchant superpower

Shopify (TSX: SHOP), Canada’s tech superstar, is both an AI adopter and integrator. This $292.5 billion e-commerce champion uses Generative AI to automate product descriptions, code generation, and marketing collateral for its huge and “sticky” merchant base.

It is an adopter because AI and machine learning (ML) run the platform’s core business functions. As an integrator, Shopify build AI tools and embeds AI directly into its platform so merchants would have advanced capabilities.

Shopify has reported its strongest third-quarter results to date. In the third quarter (Q3) of 2025, revenue grew 32% year over year to US$2.8 billion. It also recorded its ninth consecutive quarter of double-digit free cash flow margin (18% in Q3). Jeff Hoffmeister, Chief Financial Officer of Shopify, said it was a standout quarter.

Canada’s second-largest company by market cap has a large direct impact on the Canadian AI ecosystem due to its immense scale. Its President, Harley Finkelstein, said, “We build. We ship. We grow.” SHOP trades at $223.87 per share (+46.33% year to date).

EIM leader

Open Text (TSX: OTEX), up nearly 20% year to date, benefits from the heightened interest in AI. OTEX is a true, foundational AI enabler owing to its comprehensive suite of Enterprise Information Management (EIM) software and services. This $11.9 billion company helps organizations manage, secure, and leverage their vast unstructured data and complex digital workflows.

The OpenText.ai platform integrates AI tools directly into secured data, enabling businesses to use AI while maintaining compliance and protecting data. P. Thomas Jenkins, Open Text executive chair & chief strategy officer, said, “Open Text continues to advance its strategy to enhance shareholder value by growing revenue in its core Information Management for AI business.”

In Q1 fiscal 2026 (three months ending September 30, 2025), net income climbed 74% to US$146.7 million. OTEX is a dividend payer. At $47.43 per share, the yield is 3.17%.

Experience intelligence

Coveo Solutions (TSX: CVO) is a price-friendly AI enabler. The $530.2 million company takes pride in its “AI Relevance Platform,” an AI search platform for enterprises. This platform leverages search, recommendations, and generative AI to surface relevant knowledge and insights for customers and employees.

Laurent Simoneau, co-founder and CEO of Coveo, said, “Our customers see industry-leading results when they integrate our platform into their AI strategies. In Q2 fiscal 2026, Software-as-a-Service (SaaS) revenue rose 15% to US$35.9 million versus Q2 fiscal 2025.

Now is the time to buy CVO while it’s absurdly cheap ($5.52 per share). “The momentum in our core growth drivers and the expansion of our customer relationships underscore Coveo’s long-term growth opportunity,” Simoneau added.

Active AI players

Shopify, Open Text, and Coveo are active players in the Canadian AI landscape. All three are good introductions to AI and very good for investors because they cater to different budgets: high, mid-range, and small.

Fool contributor Christopher Liew has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Coveo Solutions. The Motley Fool has a disclosure policy.

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