The stock market is surging. Economic data has been coming in better than expected, and many influential companies have been posting robust financial results that are flashing positive signals and sending valuations higher. With expectations that the Federal Reserve will begin cutting interest rates this year, the stars could be aligning for a sustained bullish run.

But even though the new bull market has helped send share prices to record levels for some high-profile companies, there are some great stocks out there that still trade far below their previous valuation highs. If you're looking for investment opportunities that can help you get in position for a bull run, read on to see why two Motley Fool contributors identified these artificial intelligence (AI) growth stocks as top buys.

An AI stock that still has big upside

Parkev Tatevosian (Palantir Technologies): Thanks to strong business results and excitement for AI stocks, Palantir Technologies' (PLTR -0.60%) stock is soaring. Nevertheless, it presents an attractive opportunity for long-term investors looking for a growth stock at a reasonable valuation. Even after tripling in value over the past year, Palantir stock remains down 38% off all-time highs hit in early 2021.

Palantir is one of the leading service providers in AI software that enhances operations for enterprises and institutions. Palantir's sales rose roughly 275% between 2018 and 2023, increasing from $595 million to $2.23 billion. Part of the reason for that growth is the company has made strong inroads with government institutions. Palantir's next growth wave will arguably come from providing more services to the private sector and to smaller businesses. Palantir's services are best-in-class. The challenge has been demonstrating that its services can work for smaller-sized businesses. It has had some success in this regard by sponsoring boot camps where it brings in companies to provide opportunities to talk with its experts and see real-world examples of what its services can provide using its relatively new artificial intelligence platform (AIP). If Palantir can work to lower its service costs, it can open a more significant opportunity for the AI pioneer.

In the meantime, Palantir is demonstrating how economies of scale is helping its revenue increase and its operating losses decrease. Operating losses hit $625 million in 2018. In 2023, the business posted full-year operating income of $120 million.