Artificial intelligence (AI) will still be the “in” thing in technology in 2026, though the outlook is more mature. The early adoption phase or the focus on training and building models is over, according to Jamie Murray, President of The Murray Wealth Group. AI is now in the interference phase or the production stage of its lifecycle.
In Canada, investors should watch out for AI-powered tech stocks. Shopify (TSX: SHOP) and OpenText (TSX: OTEX) could dominate this year. Computer Modelling Group (TSX: CMG) flies under the radar but is a strong contender.
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Agentic commerce
Shopify made a strong comeback in 2025, aided by the aggressive adoption of AI agents. The e-commerce giant, with its market cap of $247.5 billion, is Canada’s second-largest publicly listed company. As an AI commerce infrastructure provider, Shopify is rebuilding commerce.
The company captures merchants of all sizes, grows with them, and empowers the businesses to thrive in today’s digital-first economy. Shopify has massive data, given the millions of merchants and billions of transactions. Sidekick, its AI-enabled commerce assistant, performs task-consuming tasks and improves store quality.
Shopify has reclaimed its tech superstar status. It rewarded investors with a 44% positive return in 2025. Also, in Q3 2025, total revenue, operating income, and free cash flow (FCF) increased 32%, 21%, and 20% year-over-year to US$2.8 billion, US$343 million, and US$507 million, respectively. If you invest today, SHOP trades at $189.04 per share.
Enterprise memory
Institutional data, specifically Enterprise Information Management (EIM), is OpenText’s domain. The $9.9 billion Cloud and AI company serves the top global companies and acts as a custodian of HR records and supply chain contracts. Other primary use cases are legal compliance and private AI training.
OTEX also appeals to income-focused investors. At $39.52 per share, this AI stock pays an attractive 3.8% dividend. The Q1 fiscal 2026 (three months ending September 30, 2025) results confirm that the payouts are sustainable. Net income (GAAP) climbed 73.8% year-over-year to $147 million, while FCF reached $101 million compared to -$117 million in Q1 fiscal 2025.
Its Interim CEO, James McGourlay, said the strength of OTEX’s operating model and the Content Management cloud business are the drivers of growth.
Reservoir simulation
Computer Modelling Group provides reservoir simulation software for the oil and gas industry. The $416 million software and consulting technology company uses AI for oil recovery and carbon capture. CMG’s reservoir simulation solutions feature a scalable, extensible workflow.
The tech stock flies under the radar but has visible growth potential. CMG trades at $5.03 per share and pays a modest 0.8% dividend. Based on market analysts’ 12-month price targets, the upside potential is between 37% (average) and 99% (high).
In the first half of fiscal 2026 (six months ending September 30, 2025), recurring revenue rose 10% year-over-year to $41.6 million, while net income declined 22% to $6 million from a year ago. Pramod Jain, CEO of CMG, said the results reflected industry headwinds. Nonetheless, he is confident that reservoir simulation growth has ground to recover.
Strong buys and watchlisted
Shopify and OpenText are well-positioned to dominate the AI landscape in global commerce and EIM, respectively. Computer Modelling faces challenges but has a strong foundation in a niche market.
