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You can get exposure to artificial intelligence through shares of publicly traded companies or through funds that hold public companies with AI-related businesses. Neither route gives you direct ownership of a private AI developer: buying Amazon shares, for example, means owning Amazon stock, not Anthropic or OpenAI shares. This U.S.-oriented guide explains the distinction and what to check before investing.
How can I invest in AI without investing in private companies?
There are two main public-market routes: buy shares in a listed company with AI-related operations or investments, or buy shares in a fund whose portfolio includes public companies with AI exposure. You generally access either through a brokerage account. A stock is an ownership interest in the company that issued it; a fund share is an interest in the fund’s portfolio, not direct ownership of every company in it. The SEC explains these distinctions in its stocks and investment products guidance.
Public-company shares
A listed company might develop AI products, provide computing infrastructure, or invest in a private AI business. Buying its stock gives you an ownership interest in the listed company only. It does not make you a direct shareholder of its suppliers, partners, competitors, or portfolio companies.
Amazon’s Form 10-Q for the quarter ended June 30, 2026, illustrates the distinction. Amazon reported a $122.3 billion carrying value for its equity investments in private companies at that date, primarily Anthropic preferred stock and OpenAI preferred stock. It also disclosed investing the remaining $21.3 billion OpenAI commitment after quarter-end. Those are Amazon-reported figures and transactions—not the amount owned by any individual Amazon shareholder. Amazon notes that valuing private-company investments is more complex because readily available market data is lacking. Read the company’s Form 10-Q for the quarter ended June 30, 2026 for the filing’s details.
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Funds, including ETFs
An exchange-traded fund (ETF) pools investors’ money into a portfolio, and each ETF share represents an interest in that portfolio. Some funds hold many companies; others are more concentrated. An AI-themed fund can offer exposure to public companies chosen under its strategy, but the theme name does not establish that the fund holds only AI developers or that AI drives most of each holding’s business.
For example, the April 30, 2026 prospectus for the iShares A.I. Innovation and Tech Active ETF says that at least 80% of assets are invested under an aggregate policy covering AI, technology, and technology-related companies. The adviser decides which businesses qualify, and the prospectus says “technology-related” can include a broad range of businesses. It also describes industry concentration and non-diversified status, and warns that investors can lose some or all of their investment. That is one fund’s mandate, not a rule for all AI funds. Review the fund’s April 30, 2026 prospectus rather than relying on its name.
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What public stocks or ETFs give exposure to AI companies?
There is no universal list of AI stocks or ETFs that guarantees a particular kind or amount of exposure. A public company’s AI connection might come from its products, infrastructure, or investments; for a fund, it depends on the fund’s actual holdings and selection rules. Those holdings and strategies can change, so use current company filings and fund disclosures instead of treating a ticker list or theme label as proof of exposure.
Partnerships with private model developers can add another indirect link. The FTC’s January 2025 staff report on Microsoft–OpenAI, Amazon–Anthropic, and Alphabet–Anthropic described investment and revenue-sharing rights, varying degrees of consultation, control or exclusivity, and commitments to spend investment proceeds on cloud services. It also discussed product integration, switching costs, access to sensitive information, and possible effects on competition. These arrangements can evolve; a partnership does not turn a listed partner into a proxy for a private developer. The FTC report covers information available through January 2025: Partnerships Between Cloud Service Providers and AI Developers.
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The indirect exposure is only one part of the listed company’s overall results and risks. Its own business, costs, accounting, and contractual terms also matter, and private valuations can be less observable than prices for publicly traded shares.
How to compare AI stocks and funds
Start with the exposure you actually want. For an individual stock, examine how AI relates to the company’s business and financial results; for a fund, examine the portfolio and mandate. Then compare the relevant risks and costs before placing an order.
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For a fund, check its mandate and portfolio
- Objective and selection rules: Find out whether the fund is actively managed or follows an index, what qualifies as AI-related, and how the manager or index selects holdings.
- Current holdings and dates: Check the latest holdings list and its date. Look at issuer and sector concentration, and overlap with investments you already own.
- Costs: Compare the expense ratio and other fund costs, as well as any brokerage trading commissions that apply to you.
- Trading conditions: Consider market liquidity and the bid-ask spread. An ETF’s market price can be above or below its net asset value (NAV).
- Risks and fit: Read the principal strategy and risk disclosures, then consider whether they match your time horizon and risk tolerance.
The SEC explains ETF premiums and discounts, bid-ask spreads, and other trading considerations in its ETF investor bulletin. Check the fund’s summary and full prospectus, fund website, and shareholder report; SEC filings and reports disclose strategy, risk, costs, and holdings. The SEC describes how to find and use these materials in How to Research Investments.
For a public company, separate AI links from the whole business
Review the company’s filings for its AI-related operations, investments, and disclosed risks. An investment in a private developer may contribute to a public company’s value, but it does not tell you how much of the public company’s future results will depend on AI—or how a particular private investment will ultimately be valued.
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How to avoid AI investment scams
AI-themed claims can be used to promote unregistered investment platforms, unrealistic automated-trading systems, or pump-and-dump schemes. The SEC, NASAA, and FINRA identify promises of guaranteed returns or little to no risk as warning signs. False claims that a public company is an AI leader can also be used to inflate a stock price before promoters sell.
- Be wary of guaranteed returns, claims of little or no risk, and pressure to act urgently.
- Verify the registration of investment professionals and platforms before sending money.
- Check company filings and fund documents rather than relying on promotional posts or unsupported AI claims.
The regulators’ joint Investor Alert on Artificial Intelligence and Investment Fraud explains these warning signs. This is general U.S.-oriented education, not individualized investment advice.
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