The S&P 500 (SNPINDEX: ^GSPC) index has been on an absolute tear over the last couple of years. In fact, it's currently on track to deliver a back-to-back annual gain of 20% or more for the first time since 1999.

Market researcher IDC forecasts that global AI-related spending could hit $337 billion next year and jump to a whopping $749 billion by 2028. As a result, technology companies selling AI-related hardware and software should ideally witness healthy growth in their businesses next year.

Richards pointed out that the peak multiples for software stocks were significantly higher in late 2021, but current valuations are more attractive, especially as AI begins to play a critical role in driving growth.

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