CoreWeave (NASDAQ: CRWV) has taken center stage since its initial public offering last year, thanks to its role in the artificial intelligence (AI) market. The company rents out capacity for AI workloads, something that is in great need right now, and this has translated into explosive growth and stock price performance. CoreWeave is even backed by Nvidia, with the AI giant holding shares in the company.

All of this has put CoreWeave in the headlines, but this doesn't necessarily mean it will deliver the biggest AI gain over time. The following AI pick could outperform it.

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This company also operates in the cloud market, but it's much bigger than CoreWeave and offers a wider range of services. I'm talking about Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL). While CoreWeave focuses on AI, Alphabet sells both AI and non-AI cloud offerings. This is positive because it allows Alphabet to benefit from the AI growth story while also generating revenue from a broader range of customers.

Alphabet isn't new to the cloud space as it's been growing Google Cloud since 2008 and has become a significant player in the industry. This is positive because companies that already rely on Google Cloud may turn to it now for their AI needs. So, it's well-positioned to benefit from the AI revolution.

And these gains have already started, with Google Cloud revenue soaring in recent quarters. In the latest period, for example, cloud revenue rose 48% to $17 billion, led by demand for AI infrastructure and solutions. This shows that AI is offering a lift to an already thriving business.

Alphabet's AI developments, from large language model Gemini to its own in-house designed chips, are serving its cloud customers, but they are also helping the company's main revenue driver: the Google Search business. Alphabet generates the lion's share of its revenue through advertising across Google, and Gemini is helping in two ways. It's improving search results, which should keep us searching on Google, and it's streamlining the advertising process. All of this may prompt advertisers to spend more on Google ads.

Now let's consider stock performance. CoreWeave has soared about 100% over the past year, while Alphabet has advanced about 85%.

Both stocks have clearly performed well over this relatively short period, and I'm optimistic about the future of these players as well. That said, Alphabet, due to its broad cloud business and the strength of Google Search, is a revenue machine that looks unstoppable. For this reason, Alphabet may outperform over the long run -- even if CoreWeave gets the headlines.

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Adria Cimino has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Nvidia. The Motley Fool has a disclosure policy.

CoreWeave Stock Gets All the Headlines, but This AI Pick Could Outperform It was originally published by The Motley Fool