Meta Platforms and Pure Storage are poised to benefit as artificial intelligence spending continues to surge in the years ahead.

Morgan Stanley analysts estimate artificial intelligence (AI) spending across infrastructure and software will increase more than 600% by 2028. Buying stock in Nvidia and/or Palantir has been a popular way to capitalize on that trend, but investors should consider Meta Platforms ( META 1.52% ) and Pure Storage ( PSTG 0.89% ) .

Most Wall Street analysts following the companies have favorable outlooks. Meta Platforms has a median target price of $875 per share, implying 19% upside from its current share price of $735. And Pure Storage has a median target price of $80 per share, implying 4% upside from the current share price of $77.

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