ZoomInfo Technologies Inc. (NASDAQ:GTM), HubSpot, Inc. (NYSE:HUBS) and Figma, Inc. (NYSE:FIG) may not dominate the AI headlines like Nvidia Corp (NASDAQ:NVDA) or Microsoft Corp (NASDAQ:MSFT), but JPMorgan thinks they could become some of the market's biggest software winners in the next phase of the AI boom.
In a recent software outlook, the bank highlighted the three companies as emerging AI application-layer plays — and the upside targets attached to them are massive. JPMorgan sees ZoomInfo rallying more than 214%, HubSpot climbing nearly 115%, and Figma gaining over 91% from current levels.
The common thread?
All three are increasingly embedding AI directly into enterprise workflows spanning sales, marketing, design and productivity — areas many investors believe could become the real monetization layer of generative AI.
One AI Software Stock Has 214% Upside
The most eye-popping name of the group is ZoomInfo, the sales intelligence platform trading around $3.50 a share. JPMorgan slapped an $11 price target on the stock, implying more than 214% upside.
The company has increasingly leaned into AI-driven customer targeting, automated prospecting and sales workflow tools as enterprises look to replace manual lead generation with AI-powered systems.
The stock also stands out because it sits far outside the crowded mega-cap AI trade that has dominated investor attention over the past year.
AI Copilots Are Becoming The New Battleground
Then there's HubSpot, the CRM and marketing software player JPMorgan sees climbing from roughly $198 to $425. That implies nearly 115% upside.
The company has aggressively rolled out AI copilots and automated customer engagement tools, positioning itself as a direct beneficiary of enterprise AI adoption rather than just an observer of the trend.
As enterprises increasingly look for ways to automate sales funnels, customer engagement and marketing workflows, AI-enabled CRM platforms could become one of the more direct monetization layers of the broader AI boom.
The AI Design Layer Is Emerging Fast
The third name is Figma, perhaps the purest application-layer AI play of the trio.
The collaborative design software company has become deeply tied to the rise of AI-assisted product creation and software design workflows. JPMorgan's $42 target implies more than 91% upside from recent levels near $22 as investors increasingly view the company as a potential foundational platform in the generative AI era.
AI Software Takes Center Stage
The broader takeaway is becoming harder to ignore.
The AI trade is no longer just about who builds the chips or owns the data centers. Increasingly, investors are focusing on who can actually monetize AI within enterprise workflows — where recurring software revenue and productivity gains intersect.
That shift could matter enormously for smaller software names that have largely been overshadowed by trillion-dollar AI giants over the past year.
Because while Nvidia and Microsoft may still dominate the infrastructure layer of AI, JPMorgan's list suggests the next wave of winners could come from companies quietly embedding AI into the software enterprises already use every day.
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