Artificial Intelligence (AI) continues to dominate headlines and drive investor interest, with applications reaching into nearly every sector of the global economy. From tools like ChatGPT to AI-driven innovations in healthcare, finance, and manufacturing, the technology’s real-world utility is expanding rapidly.
Also Read: Buy Canadian AI stocks
One of the most recognizable names in the AI space is Nvidia (NASDAQ: NVDA). Now among the largest companies in the world, Nvidia has become a market darling thanks to its key role in powering AI infrastructure. However, for investors who missed out on its meteoric rise, the current price tag might seem daunting.
The good news? There are still promising opportunities in the AI sector — especially among Canadian tech stocks. For TFSA (Tax-Free Savings Account) investors looking to capture growth and avoid taxes on capital gains, these two AI-focused TSX stocks could be better long-term plays than Nvidia right now.
- Celestica Inc. (TSX:CLS)
Market Cap: $38.5 billion
Celestica is a Canadian technology leader that’s benefiting directly from the global AI boom. The company specializes in designing and manufacturing supply chain and hardware solutions for various industries — including data centers, aerospace, and industrials. As AI adoption accelerates, the demand for high-performance computing and related infrastructure has surged. Celestica is stepping up to meet that demand.
What makes Celestica compelling is its strategic positioning. The company is increasingly partnering with hyperscale clients (such as cloud giants) who need to rapidly scale their AI capabilities. Through its innovative AI-powered products and strong execution, Celestica is solidifying its role as a key enabler of the AI economy.
While it remains a high-growth stock — and thus comes with the usual volatility — the long-term potential here is significant. Celestica’s expanding reach and integration with AI infrastructure give it a unique edge in the Canadian market.
Also Read: Top Canadian tech AI stocks
- WELL Health Technologies Corp. (TSX:WELL)
Market Cap: $1.3 billion
WELL Health Technologies is another Canadian company capitalizing on AI, but from a different angle — healthcare. As an owner and operator of numerous primary care clinics across North America, WELL Health is using technology to modernize the healthcare experience.
What sets WELL apart is its increasing focus on AI-driven solutions. From patient engagement tools to electronic medical records and virtual care platforms, AI is enhancing how WELL Health delivers care. The healthcare sector is ripe for disruption, and WELL is positioning itself at the forefront of that evolution.
The company has seen strong revenue growth in recent years, accompanied by rising profitability and solid cash flow. This financial strength allows WELL Health to continue investing in innovation while creating value for shareholders.
Bottom Line
While Nvidia may dominate the AI conversation, it’s far from the only way to invest in the sector. Canadian tech stocks like Celestica and WELL Health Technologies offer strong exposure to AI with additional upside potential — and they trade at much more attractive valuations.
For TFSA investors, these growth-focused stocks could be ideal for building long-term wealth. Not only do you get to participate in one of the most transformative technology trends of our time, but you can also do it while protecting your gains from taxes.
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