A top investor told CNBC that artificial intelligence is in a super cycle that could last as long as 20 years. Raj Ganguly, co-founder and co-CEO of venture capital firm B Capital, believes AI is going to have a significant global impact in the years to come.
“We’re in the very early stages, the third or fourth year of this AI super cycle. And it’s probably a 20-year super cycle. Maybe it’s a 15-year super cycle, but it is going to change the world,” Ganguly said.
Ganguly believes that the AI super cycle, a lengthy period of growth, will “change the world in every aspect,” and the entire industry will witness profound changes.
For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds. The hedge fund data is as of Q2 2025.
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10. CoreWeave, Inc. (NASDAQ:CRWV)
Number of Hedge Fund Holders: 29
CoreWeave, Inc. (NASDAQ:CRWV) is one of the 10 AI Stocks Every Investor Should Watch. On September 23, Melius analyst Ben Reitzer upgraded the stock from Hold to Buy with a price target of $165.00.
The rating upgrade reflects the firm’s positive outlook on the stock as “one of the beneficiaries of accelerating cloud demand both right now and well into the future.”
With Nvidia backing OpenAI, the firm believes that it has better chances of funding its capex plans with everyone else too- benefiting suppliers such as AMD and Dell.
“Bottom Line: We reiterate our Buy rating for Nvidia, who has blunted concerns around custom ASICs in one fell swoop here with this deal. Second, we upgrade CoreWeave to Buy with a target of $165 (23x 2027 EBIT) who is one of the beneficiaries (including buy-rated Microsoft) of accelerating cloud demand both right now and well into the future. Third, if OpenAI is backed by Nvidia – then it has a better chance of funding all its capex plans with everyone else too – from Broadcom to Arista to AMD to Dell (Dell supplies CoreWeave). Don’t be surprised if someone makes an investment in xAI too…”
CoreWeave, Inc. (NASDAQ:CRWV) is a cloud platform provider that provides equipment for AI and other computing purposes.
9. SAP SE (NYSE:SAP)
Number of Hedge Fund Holders: 32
SAP SE (NYSE:SAP) is one of the 10 AI Stocks Every Investor Should Watch. On September 22, BofA Securities analyst Frederic Boulan lowered the price target on the stock to EUR316.00 (from EUR320.00) while maintaining a Buy rating.
Despite shares underperforming the SX8P by 5pp since Q2 earnings in July, the firm has reiterated SAP as a large cap top pick. The firm believes that SAP’s long-term growth is structural and durable.
SAP’s structural growth is seen driven by both software upgrade and infrastructure migration cycles. SAP is also considered an artificial intelligence beneficiary due to its critical data ownership holding monetization potential through its broad AI product set including SAP Joule and Analytics agents.
“We reiterate our Buy rating and large cap top pick on SAP. The stock is one of our “25 stocks for 2025″ and is on our Europe 1 list of top ideas. Shares have underperformed the SX8P by 5pp since Q2 earnings in July, and the message from back to school conferences remained cautious on short term bookings. However, we view SAP growth as structural, supported by both a software upgrade and infrastructure migration cycles, whilst we see SAP as an AI beneficiary, supported by critical data ownership, with monetization upside via by a broad AI product set across functions including SAP Joule and Analytics agents. At the same time, we expect AI to support operating leverage, with c0.5bn of AI efficiencies targeted and up to 30% efficiency gains in R&D. We continue to see a solid path to revenue acceleration in 2026 and beyond. We reduce forecasts for FX (c50bps impact on 2025 revenue, 100bps 2026), PO down to €316 from €320 (ADR to $371 from $376). Reit Buy with shares on 20x 2026E EBITDA for a highly predictable growth.”
SAP SE (NYSE:SAP) is a leader in ERP software that leverages artificial intelligence to enhance its enterprise resource planning (ERP) solutions.
8. Bloom Energy Corporation (NYSE:BE)
Number of Hedge Fund Holders: 44
Bloom Energy Corporation (NYSE:BE) is one of the 10 AI Stocks Every Investor Should Watch. On September 24, Jefferies analyst Dushyant Ailani downgraded the stock from Hold to Underperform with a price target of $31.00 (from $24.00).
The firm has warned that investor enthusiasm may be outpacing fundamentals with uncertainty regarding growth prospects beyond 2026.
“BE is indeed a leader in a promising niche, with many bullish assumptions facing practical constraints. Given the limited visibility into post-2026 growth and some early signs of over-exuberance, we find that risks to the downside outweigh further upside at the current levels. D/g to Underperform on rich valuation. Need to see significantly incremental company-specific data points to justify current levels. PT $31.00.”
Bloom Energy Corporation (NYSE:BE) develops solid-oxide fuel cell systems for on-site power generation, helping meet the growing energy demands of AI data centers.
7. ServiceTitan Inc. (NASDAQ:TTAN)
Number of Hedge Fund Holders: 51
ServiceTitan Inc. (NASDAQ:TTAN) is one of the 10 AI Stocks Every Investor Should Watch. On September 19, Piper Sandler analyst Brent Bracelin reiterated an Overweight rating on the stock with a $155.00 price target driven by the company’s expanding market reach and artificial intelligence opportunities.
Analysts at the firm deem Service Titan to be one of their favorite vertical growth stocks with the potential to become a long-term AI-driven winner.
ServiceTitan’s annual Pantheon event was particularly described as becoming a “must attend” for trades professionals. Three key positives were highlighted: expanding reach beyond HVAC, rapid growth in the commercial segment, and a multi-year boost starting in 2026 driven by Pro add-ons and compelling AI automations.
“Early Innings of Vertical AI Unlock; Customer Appetite to Automate is High; Pantheon builds on the reputation that this annual ServiceTitan event is becoming a ‘must attend’ for the trades (HVAC, plumbing, etc.). Three things stood out to us this year (vs. last). First, the expanding size and scope of the exhibitor space reinforces a broader market reach beyond Mechanical (HVAC, plumbing, etc.) into Exterior (roofing, gutters, etc.) segments. Two, commercial remains one of the fastest growing segments with further upside potential as the product matures and industry consolidates (via PE). Three, 2026 could mark the start of a multi-year Pro add-on adoption tailwind driven by compelling AI automations. The move to Max alone could double the subscription uplift at existing customers leveraging just the core. Vertical AI could become an even stronger upside tailwind to the base-case, in our view. TTAN remains one of our favorite vertical growth stocks with the potential to evolve into a secular AI winner. Reiterate OW.”
ServiceTitan Inc. (NASDAQ:TTAN) provides an end-to-end cloud-based software platform in the US and Canada.
6. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)
Number of Hedge Fund Holders: 66
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is one of the 10 AI Stocks Every Investor Should Watch. On September 24, Bernstein SocGen Group analyst Peter Weed reiterated a Market Perform rating on the stock with a $343.00 price target. The rating affirmation follows Crowdstrike’s three-day Fal.Con event last week.
The stock moved up 10% following the event, reflecting how investors responded positively to the company’s announcements and demonstrations. Crowdstrike also extended its long-term guidance from the current $10 billion in FY’31 to $20 billion in FY’36.
It reiterated that its net new ARR growth remains elevated at over 40% in the second half of fiscal year 2026. However, the firm believes that this growth rate benefits from easier comparisons.
Bernstein believes that its fiscal year 2036 target of $20 billion reflects confidence in applying AGI and Agentic AI to become the “end-to-end security platform of the future.”
“CrowdStrike held their Fal.Con event over three days last week — if the greater than +10% stock move is any indication, investors’ takeaways were pretty bullish. We think there may have been a couple of points that particularly drove this reaction. This includes extending their long-term guide from the current $10B in FY31 to a new long-term ARR of $20B in FY36 (i.e., ~15% CAGR ’31-36), and reiterating their net new ARR growth remains elevated 40%+ in 2H26 (reminder the 40%+ is due to easy comps — this guide is actually ~9% Net New ARR CAGR vs. the last “normal” H2 which was in FY24). The company emphasized the $20B FY36 reflects their confidence in applying Artificial General Intelligence / Agentic AI to become the end-to-end security platform of the future. Demonstrations of their capabilities were quite well received.”’
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is a leader in AI-driven endpoint and cloud workload protection.
5. Micron Technology, Inc. (NASDAQ:MU)
Number of Hedge Fund Holders: 94
Micron Technology, Inc. (NASDAQ:MU) is one of the 10 AI Stocks Every Investor Should Watch. On September 24, Barclays analyst Tom O’Malley raised the price target on the stock to $195.00 (from $175.00) while maintaining an Overweight rating. The rating affirmation follows Micron’s Q4 2025 earnings report.
The company reported better-than-expected earnings and revenue as well as a robust forecast for the current quarter. EPS came in at $3.03 vs $2.86 expected, while revenue totaled $11.32 billion vs. $11.22 billion expected.
According to the analysts, Micron’s “more aggressive” high bandwidth memory commentary along with embedded solid state drive price increases are leading to better near term fundamentals.
Management also highlighted a more positive DRAM and HBM outlook, improving margins and stronger demand across servers, PCs, and autos.
Overall, industry trends are seen to be incrementally positive in the near-term.
“More aggressive HBM commentary coupled with eSSD price increases drive near-term fundamentals higher. Checked boxes on major investor focus points, including a slightly more aggressive DRAM and HBM outlook, better margins, and better end market outlooks in traditional server/PC/Auto. Capex also moves higher from >$13B in FY25 to >$18B in FY26E largely as a function of DRAM capacity increases (LRCX should continue to outperform vs KLAC, AMAT). NAND pricing is also a tailwind in the near-term driven by HDD shortages, although the company is clear this is a structurally different market vs. DRAM and bits are down both this Q and in the guide. Samsung qualification would drastically change the industry dynamic but we have no evidence at this point that qualification is happening. Multiple industry dynamics are leaning more positive in the near term.”
Micron Technology, Inc. (NASDAQ:MU) develops and sells memory and storage products for data centers, mobile devices, and various industries worldwide.
4. Alibaba Group Holding Limited (NYSE:BABA)
Number of Hedge Fund Holders: 125
Alibaba Group Holding Limited (NYSE:BABA) is one of the 10 AI Stocks Every Investor Should Watch. On September 24, Citi analyst Alicia Yap raised the price target on the stock to $217.00 (from $187.00) while maintaining a Buy rating. The rating affirmation comes after Alibaba Cloud hosted its annual event Apsara Conference.
Citi’s call follows higher cloud revenue and capex assumptions supported by strong interest at the Apsara Conference and Alibaba’s intentions to increase its data center capacity in response to accelerating AI demand.
The firm deems the company to be one of the “5-6 global super cloud platforms with full-stack AI services.” Moreover, it believes that Alibaba is well-positioned for sustainable cloud revenue growth.
Alibaba Group Holding Limited (NYSE:BABA) is an internet giant that offers e-commerce services in China and internationally.
3. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 235
NVIDIA Corporation (NASDAQ:NVDA) is one of the 10 AI Stocks Every Investor Should Watch. On September 23, DA Davidson analyst Gil Luria reiterated a Buy rating and $210.00 price target on the stock. The rating affirmation follows Nvidia’s announcement of a $100B equity investment in OpenAI.
The two companies have signed a letter of intent to deploy at least 1o GW of Nvidia systems for the training and inference of OpenAI’s future models.
While the announcement reflects OpenAI’s ability to ramp, DA Davidson is concerned that Nvidia is becoming the “investor of last resort” to cover OpenAI’s heavy commitments.
They noted how the chipmaker already had to bail out CoreWeave IPO, and even though that has worked out and the value of the investment has tripled, it prefers more traditional investors stepping up to fund the great data center buildout.
“Today, both NVIDIA and OpenAI have jointly announced a letter of intent for OpenAI to deploy at least 10 GW of NVIDIA systems for both the training and inference of OpenAI’s future models. In addition to deployment of these systems, NVIDIA plans to invest up to $100B in OpenAI progressively as each gigawatt is deployed. While the announcement is positive for OpenAI’s ability to ramp, we are concerned NVDA has become the “investor of last resort”, bailing out OpenAI’s overextended commitments. We maintain our BUY rating and $210 price target.”
NVIDIA Corporation (NASDAQ:NVDA) specializes in AI-driven solutions, offering platforms for data centers, self-driving cars, robotics, and cloud services.
2. Alphabet Inc. (NASDAQ:GOOGL)
Number of Hedge Fund Holders: 219
Alphabet Inc. (NASDAQ:GOOGL) is one of the 10 AI Stocks Every Investor Should Watch. On September 24, Cantor Fitzgerald analyst Deepak Mathivanan reiterated a Neutral rating and $201.00 price target on the stock. The rating update follows Alphabet’s recent strategic product launches.
In the three weeks since the remedy ruling, Google has unveiled several product launches and integrations aimed at boosting the adoption of Gemini. The most notable has been Gemini’s integration into Chrome for Mac and Windows desktop users. iOS support is also coming soon.
Given Chrome’s 4 billion monthly users, 70% market share on desktops, and 35% contribution to search revenue, it is going to be a major distribution channel for AI adoption.
Moreover, even though Gemini’s monthly active users are currently less than 10% of total Chrome users, the firm anticipates Alphabet to promote the AI assistant within the browser to drive adoption aggressively.
The firm also highlighted how data from OpenAI has shown that ChatGPT users perform an average of 3.5 queries daily. This is similar to the roughly 3 search queries performed on Google Search worldwide (excluding China).
This implies that AI assistants could achieve comparable engagement levels over time.
“With over 4B MAUs and 70% market share on desktops, Chrome has historically been a powerful distribution channel for GOOGL offerings. Chrome accounts for ~35% of total search revenue overall. This integration brings advanced AI experiences of Gemini, including agentic browsing, context search, and cross tab interactions, to search users directly from the Chrome browser. The discovery of the Gemini icon on the browser is still less than ideal, but we expect GOOGL to merchandise Gemini on Chrome aggressively – which should help adoption. Gemini MAU still represents <10% of the total Chrome MAUs. Additionally, recent data from OpenAI indicates an average WAU performs ~3.5 queries daily on ChatGPT, consistent with the average of ~3 search queries on GOOGL search worldwide (ex-China) – which indicates that AI assistants could achieve search type of engagement or higher over time. As such, we think GOOGL is well positioned to see search query acceleration over next few quarters from several factors, including coverage growth of AI overviews and Gemini integrations inside existing apps.”
Alphabet Inc. (NASDAQ:GOOGL) is an American multinational technology conglomerate holding company wholly owning the internet giant Google, amongst other businesses.
1. Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 335
Amazon.com, Inc. (NASDAQ:AMZN) is one of the 10 AI Stocks Every Investor Should Watch. On September 24, Wells Fargo analyst Ken Gawrelski upgraded the stock from Equal Weight to Overweight with a price target of $280.00 (from $245.00).
The firm has stronger conviction in AWS revenue acceleration in 2026 driven by Project Rainier capacity additions and peak share losses in 2025.
Gawrelski noted how Project Rainier is a dedicated AWS data center for Anthropic compute in Indiana. It is expected to start coming online in January 2026. His team has estimated that the facility will contribute an estimated $14B annual AWS revenue at full capacity of 2.2GW.
Even though AWS market share will keep declining, growth should pick up pace again as the broader cloud industry expands.
Some risks highlighted by the firm include execution challenges with Rainier, Trainium chip performance, slow core workload demand, and AI-related margin pressure.
“Upgrading AMZN to OW (from EW) on greater conviction in AWS acceleration in ’26. Raising AWS growth to +22% from prior/consensus of +19%/+18%. We see Project Rainier, a significant compute capacity build w/ partner Anthropic, as the primary driver of acceleration, contributing 5%/4% to AWS growth in ’26/’27. See build in our companion cloud industry note. We view AWS revenue acceleration as the key to the reversal of share underperformance YTD (flat vs. NDQ +17%). Increasing our 2026 / 2027 AWS revenue estimates by 3% / 7% as we see Project Rainier capacity additions starting in early 2026 supporting incremental Anthropic compute. Expect Project Rainier Phase 1 (1.3GW) to come online in Jan ’26 w/ 6-month utilization ramp and Phase 2 to start coming online in 4Q26. We estimate Indiana campus at full capacity (2.2GW) contributes ~$14B annual revenues to AWS. We forecast Anthropic contributes 7 points to AWS 2026 revenue growth (vs 3 points in 2025). See AWS market share losses peaking in 2025 (-470bps y/y), improving in 2026 and beyond as AWS accelerates, alleviating competitive concerns. While share losses remain material, we take solace in stronger industry growth and rising AWS estimates. Project AWS share losses modestly improve to -420bps y/y in 2026, -260bps y/y in 2027 and -180bps y/y in 2028. By 2029, see AWS at 32% share, down from 47% in 2024. However, over that period, see cloud industry 31% CAGR to $870B from $230B in 2024. Risks to our call include execution of scaling Project Rainier, performance of Trainium chips, further deceleration of core (non-AI) workloads, and greater AI-related margin headwinds than anticipated. See operational execution of Project Rainier (and data center capacity more broadly) as key risk given ongoing supply constraints and uncertainty around large Trainium deployments. We assume AWS OI margin compression of 270bps / 180bps y/y in 2026 / 2027 tied to scaling AI deployments.”
Amazon.com Inc. (AMZN) is an American technology company offering e-commerce, cloud computing, and other services, including digital streaming and artificial intelligence solutions.
While we acknowledge the potential of AMZN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AMZN and that has 100x upside potential, check out our report about this cheapest AI stock.
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