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Revolutionary technology is changing the world and leading to more gains for these stocks

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Technology isevolving in three key areasright now: artificial intelligence (AI), fifth-generation (5G) wireless, and cloud computing.Taken together,these technologiesare expectedto revolutionize life as we know it in the coming decades.And while many technology companies play in each sandbox, a handful of companiesare dominating and pushingthe tech forward.

For investors looking togrow their portfolio,it isimportantto knowwhich companies are market leaders and advancing the technologies that are reshaping the world.Theseare thegrowth stocksthatcan be counted onto outperform the market and deliver outsized returns to shareholders for many years to come.Here is the tech transformation trio: three stocks leading the charge in AI, 5G, and the cloud.

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In AI, there isAdvanced Micro Devices(NASDAQ:AMD).While the company trails archrivalNvidia(NASDAQ:NVDA) in terms of microchips and semiconductors that run AI applications and models,the companyis working overtime tocatch-up.Early signs are encouraging. As part of itsfirst-quarter financial results, AMD reported that revenue at its Data Center unit grew 80% from a year earlier to $2.3 billion due to strong sales of its new MI300 series AI chip.

Due to overwhelming demand, AMD forecastedAI chip salesthis year to be $4 billion. Thats double the amount the company had telegraphed last fall. AMD noted that it has sold more than $1 billion worth of its MI300 AI chips since they launched at the end of last year. While the MI300 chip has only been available for six months, management at AMD says they are already working on new AI chips and successors to the current generation of processors. AMD stock has risen 40% in the last 12 months.

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In fifth-generation wireless, we haveVerizon Communications(NYSE:VZ). The telecommunications companys stock hasbeen on the riseafter better-than-expected Q1financial resultsand fewer losses among its wireless subscribers. At the end of April, Verizon reported Q1 EPS of $1.15 compared to the $1.12 thatwas expectedamong analysts. Revenue totaled $33 billion, which matched Wall Street forecasts.

Verizon credited the results to its flexible plans and streaming bundlesthat includediscounted prices for services such asNetflix(NASDAQ:NFLX).The company also reportedthat it lost68,000 monthly bill-paying wireless phone subscribers during Q1, which was much less thanan estimated loss of 100,000 subscribers. A year earlier, Verizon lost 127,000 wireless subscribers.

Verizon added that its customers are choosing its premium, customizable myPlan option, which has proven popular with consumers. Late last year, Verizon began offeringdiscounted subscriptionsto Netflix with its myPlan bundles. VZ stock has gained 13% over the past year.

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E-commerce giantAmazon(NASDAQ:AMZN) isthe leader in cloud computingwith a 31% market share. Amazon Web Services (AWS), the cloud computing unit, is increasinglyimportantto theoverallcompany. In Q1 of this year, AWS recorded $25 billion in revenue, beating estimates of $24.5 billion. AWS accounted for 62% of Amazons total operating profit during the quarter.

In speaking to analysts and media, Amazon executives credited the companys growthlargelyto demand for cloud computing. The strong showing of AWS, which continues to dominate in the cloud space, powered Amazon to an EPS of 98 cents compared to the 83 cents thatwas forecaston Wall Street.Earnings more than tripledfrom 31 cents a year earlier. Total sales amounted to $143.3 billion, up 13%year over year.

AMZN stock has increased by 44% in the last 12 months.

On thedate of publication, Joel Bagloleheld a long position in NVDA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelin

Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.

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The Tech Transformation Trio: 3 Stocks Leading the Charge in AI, 5G, and the Cloud - InvestorPlace