The team led by Michael Wilson said margin expectations are "improving most clearly" for companies where AI is central to their investment thesis and pricing power is neutral to strong. He expects about 100 basis points of net-margin expansion through 2027 related to adoption.

"The outlook for AI adopters is becoming increasingly compelling," Wilson wrote in a note. "This is especially important because several industries often viewed as vulnerable — including transports, software & services, and professional services — also rank among the more attractive adopter groups."

His team's analysis showed stocks including Halliburton Co., Bank of America Corp., CVS Health Corp. and NextEra Energy Inc. are among the prime beneficiaries of AI adoption. The likes of Alphabet Inc., Meta Platforms Inc. and Nvidia Corp., which rode the first wave of the AI-driven rally, also continue to screen strongly in Wilson's research.

While AI trends remain among the main drivers of the US stock market, investors have turned more discerning about potential winners amid concerns that the biggest stocks are overspending on the technology.

Focus in the second-quarter reporting season is also squarely on profitability, given that analysts' expectations for S&P 500 net margins are among the highest in over a decade, according to data compiled by Bloomberg Intelligence.

A BofA basket of AI adopters has outperformed the so-called hyperscalers this year. Meanwhile, high-flying semiconductor-related stocks have recently faltered on worries about inflated valuations.

Wilson said that trend is likely to continue as "adoption is moving decisively from experimentation to measurable enterprise value." He noted that about 40% of AI adopters have cited at least one quantifiable benefit so far in the earnings season, compared with 21% a year earlier.

Companies have also reported net productivity increase of nearly 10% over the past year on average, led by software development, customer service, finance and operations, the strategist said.