Young Tax-Free Savings Account (TFSA) investors seeking to build a giant nest egg over the next 15-20 years may wish to give the field of generative artificial intelligence (AI) another look as some of the top plays within the space come in a bit. Undoubtedly, there are fantastic AI stocks to back south of the border. Some of the most notable names are also some of the largest in terms of market cap.

Either way, long-term investors have lots of AI tech and talent to love on this side of the border as well. In this piece, we'll check out two intriguing Canadian AI plays that I view as pretty cheap relative to their unique growth profiles.

Constellation Software

Constellation Software (TSX:CSU) isn't an AI pure-play type of company; it's a diversified software company that knows how to add immense value for Canada's smaller-cap tech prospects. Indeed, AI is a big deal in the startup scene these days. For small- and mid-cap tech firms, AI represents a growth lever that can disrupt some large- and mega-cap market leaders.

Indeed, you can bet that many small firms will want to pull that lever, even if it entails higher capital expenditures in a high-rate market environment where it's become just a bit tougher (at least compared to the titans) for mid-caps to raise capital. There's so much to win (and lose) from going all-in on the AI boom. With deep pockets and unmatched expertise, Constellation is a force that can make any mid-cap firm exponentially more effective as they look to spend considerable sums on AI without breaking the bank.

As Constellation looks for opportunities in the Canadian software scene, I see its AI exposure rising with time. Indeed, the firm is an innovator at heart. As it searches for growth potential in the domestic markets, investors may wish to stash the $91.3 billion Canadian icon atop their TFSA watchlists for the summer and fall.

Thomson Reuters

Thomson Reuters (TSX:TRI) is another intriguing Canadian company that seems way too cheap relative to the type of AI growth potential it's capable of. At writing, the stock is up more than 30% over the past year. Undoubtedly, these are fantastic returns for a firm with a massive data advantage over most other firms seeking to gain the upper hand in generative AI. Of course, data is only one aspect of having the best AI systems out there.

However, with some of the most talented AI folks in Canada, Thomson Reuters stands out as a firm that investors may wish to stash away for the long run. I've said it before, and I'll say it again: Thomson Reuters isn't just a media company but an AI innovator, perhaps one of the best of its kind.

The company doesn't just have an excellent "content-driven" AI product roadmap; it also has a balance sheet to make small AI deals. The firm has been wheeling and dealing lately, buying up firms such as Pagero. Looking ahead, expect more similar deals, and Thomson looks to prove to the world that it's an AI growth king in the making.

Even after an explosive 145% run in the past five years, TRI shares go for just shy of 32 times trailing price to earnings (P/E). This is not a bad price to pay for an underrated (and TFSA-worthy) AI innovator that's stealthily outdone the TSX Index by a wide margin in recent years.

The post Attention, TFSA Investors: These 2 AI Stocks Look Dirt-Cheap appeared first on The Motley Fool Canada.