Artificial intelligence (AI) spending across hardware, software, and services totaled about $200 billion last year, according to Grand View Research. But that figure is expected to soar 820% to exceed $1.8 trillion by 2030. In other words, the AI market is forecast to compound at 37% annually through the end of the decade.

Many companies will benefit from that rising tide, but Cloudflare (NYSE: NET) and ServiceNow (NYSE: NOW) stand out because they have strong footholds in relevant markets. Additionally, both stocks trade at reasonable valuations compared to Wall Street's growth expectations.

Here's what investors should know.

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Source Fool.com