While the hype hit new heights over the past year, artificial intelligence (AI) has been around for a while and the enthusiasm is here to stay. Bloomberg Intelligence (BI) estimates that the generative AI market could grow 40%-plus annually and reach $1.2 trillion by 2032. That level of growth will also create an estimated $280 billion in new revenue opportunities from software alone.

Emerging new industries are exciting, but picking the long-term winners can be challenging. For all investors know, the most prolific company of the next 20 years might not even exist yet. That suggests casting a wide net could be the best investment strategy. In this case, the best approach might be to find the early winners, own their stocks, and follow how AI progresses over time.

After pouring through dozens of companies, these five stood out for their strong positions to lead the industry's growth. Consider buying and holding these AI stocks. They enjoy pole positions in the AI industry and could generate life-changing investment returns over the next decade and beyond.

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Source Fool.com