The Next Big AI Winners Might Not Be AI Stocks at All

Two Canadian stocks, Kinaxis and WELL Health, could be quiet AI winners by fixing expensive problems in supply chains and healthcare.

Amy Legate-Wolfe

Author Bio Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Social Media Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published June 15, 7:00 pm EDT

The biggest artificial intelligence (AI) winners may be hiding in plain sight. Investors often chase the most obvious names first. They buy chipmakers, cloud giants, and companies with artificial intelligence stamped across every presentation. That can work, but it can also get crowded fast. The more interesting opportunity may sit with businesses that use AI to solve costly problems in old, complex industries.

That’s why Kinaxis (TSX: KXS) and WELL Health Technologies (TSX: WELL) look worth watching now. Neither needs to become the next Nvidia to win. Each can use AI to make its core business more valuable.

doctor uses telehealth — Source: Getty Images

KXS

Supply chains remain messy. Companies still deal with tariffs, weather, shipping delays, labour shortages, and sudden swings in demand. Kinaxis sells supply-chain management software that helps customers plan faster, model disruptions, and make better decisions. In short, it gives companies a clearer view when the world refuses to behave.

The latest quarter showed real momentum. Kinaxis reported revenue of US$165.6 million in the first quarter of 2026, up 25% from last year. Software as a Service (SaaS) revenue rose 21%, annual recurring revenue climbed 20%, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin hit 32%. Those are strong numbers for a software company that already serves large global customers.

The AI case here feels practical instead of some tack-on addition. Kinaxis can use AI to help customers spot problems earlier, test scenarios faster, and improve planning. Supply-chain mistakes can cost companies millions, so if AI makes Kinaxis stickier and more useful, customers have another reason to stay.

The risk is valuation. Kinaxis stock trades around 40 times trailing earnings at writing. That’s not cheap. Growth needs to continue, and enterprise software budgets can tighten if the economy slows. Still, Kinaxis has profitability, recurring revenue, and a clear niche. That makes it one of Canada’s stronger software names.

WELL

WELL brings the same idea to healthcare. The company operates clinics, digital health platforms, billing services, cybersecurity, and other healthcare technology businesses. Healthcare systems across Canada remain under pressure. Doctors need better tools. Patients need faster access. Clinics need more efficient workflows. AI could help reduce paperwork, improve triage, and support better use of clinical data.

WELL’s latest results showed why investors keep coming back. In the first quarter of 2026, revenue rose 25% to $368.3 million. Adjusted EBITDA increased 56% to $43.1 million. The company also recorded 1.9 million patient visits, up 17% from last year. That gives WELL a large operating base for healthcare technology and AI tools.

The company also improved guidance in June after WELL Canada reached a $100 million annualized adjusted EBITDA run rate ahead of schedule, proving that WELL can turn growth into stronger profits. The risk is trust. WELL has grown through acquisitions, and investors still watch debt, margins, integration, and profitability closely. The stock also doesn’t trade like a safe healthcare giant, so can move sharply when sentiment changes. Yet the opportunity remains compelling because healthcare badly needs productivity gains.

Bottom line

Together, Kinaxis and WELL show why the next AI winners might not look like AI stocks at first glance. Kinaxis uses AI to improve supply-chain planning. WELL can use AI to improve healthcare delivery and administration.

Now, investors should stay selective. AI hype can make weak businesses look exciting for a while. But real winners need revenue, customers, and a reason for AI to improve results. Kinaxis and WELL stock check more of those boxes than many speculative names.