Investing.com -- Bank of America analysts said growth stocks like DoorDash (NYSE: DASH) and Uber (NYSE: UBER) are positioned to outperform when the current phase of the artificial intelligence cycle turns.

The bank said internet stock performance reflects an early stage of the AI cycle, with top conference themes showing outsized demand for AI capacity and the ramp of AI applications. Investor conversations suggested that while many internet companies are exceeding expectations, growth and momentum funds are moving to the semiconductor and hardware sectors to capture upside opportunity, impacting internet sector performance.

This phase of the AI cycle could last until hardware and semiconductor capacity can meet demand, and then services built on this infrastructure could be in better position to perform, according to the bank.

In eCommerce, Bank of America hosted Katie Wilson from Serious Moonlight Consulting and Corey Thomas from AMZ Atlas for a discussion on agentic shopping. The bank said building structured data sets are a key foundation for agents, and agentic traffic flows remain limited with adoption expected to be gradual, favoring commodity categories at first as consumers build trust.

Physical infrastructure and fast delivery speeds remain a key Amazon moat, and AI-driven conversion gains should support more marketplace ad spend, the bank said.

For travel, Bank of America said AI will reshape travel discovery and decision-making, but near-term online travel agency booking disruption is unlikely with Google and large language models expected to primarily monetize via ads. Short-term, online travel agencies could benefit from Google agentic traffic flows, the bank said.

The bank hosted Perplexity's Chief Business Officer, Dmitry Shevelenko, who said AI adoption remains very early, with workflows still underpenetrated as most users still using AI for basic use cases like search and email creation. Large language model capabilities are diverging, with models increasingly specializing by task, which could support a multi-model ecosystem.

Bank of America also hosted Ren Chen, Chief Strategy Officer at WeRide, who said robotaxis are expected to serve as a supplement to ride-hailing fleets, growing to 20% to 25% of total fleets. Chen said regulatory frameworks, rather than technology, are the primary bottleneck to rapid autonomous vehicle scaling.