Microsoft, Shopify and 3 more AI stocks that are favorite Wall Street earnings plays

As earnings season begins, investor attention is turning to a handful of technology companies viewed as favored AI-linked plays, with Microsoft and Shopify among the names highlighted. The framing is about potential for positive earnings surprises — companies whose results could exceed expectations — rather than any guarantee of outperformance. That distinction matters: earnings-season narratives often build around a short list of widely followed names, and expectations for those names can become elevated well before results are published.

For readers, the relevance lies in how AI exposure is being priced into quarterly results. Firms tied to cloud infrastructure, enterprise software and commerce platforms are increasingly evaluated on whether AI-related demand is translating into measurable revenue and margins. When a stock is described as a favorite earnings play, the market has typically already factored in optimism, which can raise the bar for what counts as a genuine surprise.

What to watch: whether reported growth in AI-adjacent segments is accompanied by clear disclosure, how management frames demand durability into coming quarters, and whether guidance shifts in either direction. Reaction to results may reflect expectation gaps as much as headline numbers.