Wall Street has recently been reacting to concerns about inflation and mixed views from bankers about the health of the US economy. The pricey valuations of artificial intelligence stocks have also been adding to investors’ woes, particularly since these names have largely been contributing to the market’s rally.
In this regard, Nvidia’s earnings on Wednesday, November 19, are going to be the center of Wall Street’s attention. The AI chipmaker’s quarterly results may just give the boost investors need that a race to dominate AI isn’t losing momentum.
“If you don’t see the growth that I think the market is expecting around Nvidia or the positive commentary that we are likely to get from Nvidia going forward, I think you’re going to see more of a dent to those sorts of trades.”
-Matt Orton, chief market strategist at Raymond James Investment Management.
Tech stocks have particularly been volatile in recent trading because of concerns that there is a ‘Mag 7’ concentration in the S&P 500 and related fears of an AI bubble.
CEO of Deutsche Bank’s 1.1 trillion euro ($1.3 trillion) money manager DWS stated that the explosion in the value of AI stocks poses risks to global markets for which there is “no playbook.”
“There’s no playbook, there’s no real history for something like that,” Hoops said at DWS’s London office.
“What’s happening is this most amazing wealth creation (for retail investors)… Nvidia stock is now worth $5 trillion. My question is simply, could it go to $100 trillion? Or would at some point you be the first one to say, ‘You know what, this is getting shaky?'”
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 Investors Are Watching. On November 13, Compass Point started coverage on the stock with a Buy rating and a $150 price target.
The firm is bullish on the stock as it sees a durable growth profile for CoreWeave driven by a boost in AI-driven data center spending and secured contracts from blue-chip clients.
According to analyst Michael Donovan, the rising tide of investment in AI infrastructure not only offers a massive tailwind for the company but also positions it to ride the wave “as a leader in GPU cloud computing.”
Albeit a relatively new company, the firm highlighted how CoreWeave already serves Microsoft and has secured major commitments both from OpenAI and Meta.
“We are initiating coverage of CoreWeave (CRWV) with a Buy. Though a relatively new public company—listed March 28, 2025—CoreWeave already serves Microsoft and has captured long-term demand: revenue backlog reached $55.6B at the end of 3Q25, up 85% sequentially from $30.1B in 2Q25; backlog consists of $50.0B remaining performance obligations plus $5.6B of additional amounts expected under committed contracts, supported by clients like OpenAI with $22.4B committed and Meta with a $14.2B deal through 2031.”
The firm also highlighted Nvidia, a 7% shareholder, which has provided a $6.3B GPU capacity backstop to ensure revenue on unused inventory through 2032.
“Nvidia, a 7% shareholder, agreed to a $6.3B capacity backstop to ensure any unused GPUs continue to generate revenue through 2032. This demand profile—essentially locked-in, multi-year revenues—strengthens our conviction that CoreWeave’s growth is durable.”
CoreWeave, Inc. (NASDAQ:CRWV) is a cloud platform provider that provides equipment for AI and other computing purposes.
9. Elastic N.V. (NYSE:ESTC)
Number of Hedge Fund Holders: 59
Elastic N.V. (NYSE:ESTC) is one of the 10 AI Stocks Investors Are Watching. On November 13, Guggenheim reiterated its Buy rating on the stock with a $122.00 price target. The firm is optimistic about the stock based on its expected revenue outperformance, GenAI tailwinds, and margin expansion.
According to firm projections, Elastic will exceed consensus expectations for second-quarter total and Cloud revenue, issue third-quarter guidance ahead of market expectations, and also lift its fiscal 2026 guidance by at least “the F2QE upside.”
Albeit limited in scope, the firm’s checks reflect how Elastic’s new capabilities resonating with customers and go-to-market changes are allowing the company to gain traction in all three areas of the business.
“Paired with the model setup, in our plausible case we expect F2Q Cloud growth stable q/q at 24% CC (vs. consensus +20%), sales-led subscription stable at 22% CC, and total revenue +18% CC, also in line with last quarter. We believe this should result in FY26 guidance being raised by over 1 point to +15% in CC and F3Q guide above the Street’s +12%. We see Elastic ultimately delivering FY26E total revenue +18% CC (19% reported), including Cloud +24% CC. Note that factored into guidance is the price increase on both Cloud and Self-Managed which took place this past May.”
The firm further noted how Elastic’s recent analyst day and virtual investor meeting has led them to remain confident in Elastic’s position as an AI beneficiary.
“Following Elastic’s recent analyst day and our virtual investor meeting, we remain confident that Elastic is an AI beneficiary rooted in architectural differentiation. We believe that another quarter of strong execution will instill more confidence in the company’s ability to attain its mid-term target for 15% baseline sales-led subscription growth with 5 percentage points of GenAI tailwinds over the next few years, and coupled with 20%+ Non-GAAP EBIT/FCF margin. With the company trading at 5.4× EV/FY27E Rev and 28× EV/FY27E FCF, we continue to view Elastic as an underappreciated asset. We maintain our Buy and $122 PT.”
Elastic N.V. (NYSE:ESTC) is a search AI company offering cloud-based solutions.
8. Palo Alto Networks, Inc. (NASDAQ:PANW)
Number of Hedge Fund Holders: 77
Palo Alto Networks, Inc. (NASDAQ:PANW) is one of the 10 AI Stocks Investors Are Watching. On November 13, analyst Shaul Eyal from TD Cowen maintained a “Buy” rating on the stock and raised the price target to $255.00. The firm is optimistic on PANW ahead of its upcoming first-quarter earnings report on November 19.
TD Cowen believes PANW has robust growth potential due to its successful platformization efforts and the rapid adoption of its artificial intelligence solutions. The company’s platformization efforts have led to solid demand and momentum in large-scale deals particularly in critical sectors like banking, energy, and transportation.
Eyal’s positive outlook is also driven by PANW’s ongoing firewall refresh cycle, which backs the growth of the company’s Next-Generation Security Annual Recurring Revenue.
Moreover, PANW’s acquisition of CYBR, anticipating completion within or ahead of the anticipated deadline, is also seen as a tailwind. This completion will likely improve Palo Alto’s platform capabilities, particularly in the domain of identity security.
Palo Alto Networks, Inc. (NASDAQ:PANW) is a leader in AI-powered cybersecurity.
7. Cisco Systems, Inc. (NASDAQ:CSCO)
Number of Hedge Fund Holders: 81
Cisco Systems, Inc. (NASDAQ:CSCO) is one of the 10 AI Stocks Investors Are Watching. On November 13, BofA Securities raised its price target on the stock to $95 from $85 while maintaining a “Buy” rating. The firm has cited strong orders for AI networking and campus refresh demand behind its price target raise.
According to analysts, the highlights of the quarter for Cisco have been strong orders for AI networking, a $3B FY26 AI revenue target and the strong drive from a campus refresh.
“The quarter’s tale is about very strong orders for AI networking and a $3bn FY26 AI revenue target, vs. $1bn recorded in 2025. Campus refresh was another strong driver, with $10bn of old Campus products reaching end-of-service in FY26.”
The analysts further noted how the networking cycle “has legs” and the company is positioned to benefit from the campus refresh and AI cycle. This is particularly true as AI expands to enterprise environments, they noted.
“AI and Campus strength drove an increase to 2026 revenue growth guidance, now at 7% vs Street’s 5.3%. Security disappointed again, down 2% YoY, despite platform launches and Firewall refreshes. All in, we favor Cisco’s stock and reiterate our Buy. The Networking cycle has legs, and the stock is only trading at a 17x forward EV/FCF multiple. The company is positioned to benefit from the Campus refresh and AI cycle, especially as AI expands to Enterprise environments. We update our estimates and raise our PO to $95 from $85, now based on 21x 2027E EV/FCF vs. 19x prior given strength in AI and campus. Reit. Buy.”
6. Micron Technology, Inc. (NASDAQ:MU)
Number of Hedge Fund Holders: 94
Micron Technology, Inc. (NASDAQ:MU) is one of the 10 AI Stocks Investors Are Watching. On November 13, Morgan Stanley named the stock as its top pick and lifted its price target to a Street-high $325. The firm maintained an “Overweight” rating, highlighting Micron’s strong EPS outlook and accelerating fundamentals.
According to analyst Joseph Moore, a shortage in dynamic random-access memory, or DRAM, may lead the stock into “uncharted territory” and help boost it to new highs in earning power.
“We are entering uncharted territory, as we have a 2018 style shortage forming but from a much higher EPS starting point; we expect serial upwards revisions to continue, as soon as next week. With $25 in CY26 earnings, moving the stock to Top Pick with street high $325 PT.”
Moore noted that the call is based largely given MU’s potential for material upward revisions in the short term.
“Since we upgraded MU to OW a little over a month ago [5 Synchronous Dynamic Random-Access Memory] spot pricing has tripled and in a historic sense, to find this the kind of move in DRAM pricing you’d likely to have to go back to the cycles of the 1990s,” “So while in terms of the severity of shortage (according to our buyer contacts) it feels most reminiscent of 2018, MU began that cycle with earnings at about breakeven vs today where earnings are already at record levels.”
Moore noted that this is going to move us firmly into uncharted territory from an earnings standpoint.
“We believe that’s going to move us firmly into uncharted territory from an earnings standpoint, and we think the stock has yet to fully price in the upside that’s coming. At a time when AI sentiment is pricing in positive moves — but still with some anxiety — we see room for further enthusiasm in the story in addition to the jump in earnings power.”
Micron Technology, Inc. (NASDAQ:MU) develops and sells memory and storage products for data centers, mobile devices, and various industries worldwide.
5. Advanced Micro Devices, Inc. (NASDAQ:AMD)
Number of Hedge Fund Holders: 113
Advanced Micro Devices, Inc. (NASDAQ:AMD) is one of the 10 AI Stocks Investors Are Watching. On November 12, Melius Research raised its price target on the stock to $380 from $300 while maintaining a Buy rating. The firm maintains a positive outlook on the stock as it sees AMD on a realistic path to capture 10% of the AI market share and solid visibility into multi-year earnings growth.
Melius stated how the margin guide for AMD has been the “real positive surprise” in its recent financial outlook. Meanwhile, its 5%+ revenue growth CAGR “backs a double-digit share in AI semis/networking” alongside a “$150B or so in revenue by 2030.”
According to the firm, AMD is striving for a significant share of the $1T market cap with these growth aspirations. While it may need OpenAI funding and “a lot of” execution to achieve the goal, a 10% market share seems more realistic, the analysts note.
“AMD seems to clearly be targeting a $1T market cap with these aspirations. Although there is a lot of execution and OpenAI funding needed to get there, a share of 10%+ seems realistic. We are raising our 2027–2028 estimates and target to $380 from $300. Reiterate Buy.”
Advanced Micro Devices, Inc. (NASDAQ:AMD) develops and sells semiconductors, processors, and GPUs for data centers, gaming, AI, and embedded applications.
4. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Holders: 115
Tesla, Inc. (NASDAQ:TSLA) is one of the 10 AI Stocks Investors Are Watching. On November 11, Truist Securities analyst William Stein reiterated a Hold rating on the stock with a $406.00 price target following the recent shareholder approval of CEO Elon Musk’s equity compensation package.
According to the firm, this shareholder approval is a positive development for Tesla as it helps eliminate concerns that Musk may step away from Tesla to focus on developing physical products at his other company, xAI.
Nevertheless, the firm still remains cautious on the stock given that Tesla’s physical products are still “a long way off” and remain largely unproven with close to zero revenue. This is particularly true for FSD, robotaxis, and Optimus.
While Tesla’s FSD technology has been “impressive, it isn’t working as expected,” they noted. This implies how Tesla is still far from manufacturing commercially viable AI products.
“Musk’s equity award approval removes overhang, but physical AI products are still a long way off; The set-up is still tricky. Shareholders recently approved Musk’s pay package, removing a big overhang — that Musk could leave TSLA to develop Physical AI products elsewhere (naturally, at xAI). We continue to see the vast majority of TSLA’s future (and even current) value in the development of physical AI tech (FSD, then robotaxis, then Optimus). Yet, all of these projects are quite unproven (close to zero revenue) and our evaluation of the nearest-term project, FSD, shows it is impressive, but not yet working as expected. DCF PT remains $406; Hold.”
Tesla, Inc. (NASDAQ:TSLA) is an automotive and clean energy company that leverages advanced artificial intelligence in its autonomous driving technology and robotics initiatives.
3. Salesforce, Inc. (NYSE:CRM)
Number of Hedge Fund Holders: 121
Salesforce, Inc. (NYSE:CRM) is one of the 10 AI Stocks Investors Are Watching. On November 12, Cantor Fitzgerald maintained its “Overweight” rating on the stock with a price target of $325.00. The firm’s bullish outlook is driven by its solid free cash flow outlook and overall long-term growth prospects.
Cantor believes that Salesforce boasts a robust position within enterprise environments, allowing it to drive sustainable growth and strong free cash flow generation for “a long time to come.”
Moreover, it believes that the AI-fueled fears disrupting Salesforce are overstated, and that they are in turn creating an “attractive risk/reward setup for investors with some duration.”
“At 16x P/NTM FCF, CRM is trading near its all-time low multiple. We think 20–25x is more appropriate for a business of this quality and FCF growth/margin expansion potential.”
Salesforce, Inc. (NYSE:CRM) is a cloud-based CRM company that has gained popularity after it unveiled its AI-powered platform called Agentforce.
2. Apple Inc. (NASDAQ:AAPL)
Number of Hedge Fund Holders: 156
Apple Inc. (NASDAQ:AAPL) is one of the 10 AI Stocks Investors Are Watching. On November 12, UBS reiterated the stock as “Neutral” and stated that its checks show Apple’s iPhone wait times are “flat.”
“UBS Evidence Lab data that tracks iPhone availability across 30 geographies suggests more of the same: wait times are flat to down WoW on average across key markets.”
The firm’s Evidence Lab tracked down iPhone availability across 30 geographies. Its checks have revealed that wait times are flat to down week-over-week on average across key markets.
“Average wait times for the Base and Pro Max are ~12 days (+12 days YoY / -1 day WoW) and ~8 days (+7 days YoY / -6 days WoW), respectively.”
Meanwhile, the Pro and Air models show essentially no wait times.
“Average wait times are essentially nonexistent for the Pro (flat YoY / -4 days WoW) and Air (flat YoY and WoW), consistent with reports that the next version of the Air will be delayed following weak sales.”
Particularly in the United States, wait times for the base iPhone model increased by an estimated 6 days week-over-week to about 15 days. This is 13 days higher than the same period last year.
“However, we note that wait times for the Base model in the US increased by ~6 days WoW to ~15 days (+13 days YoY), which we think reflects that it is resonating with consumers, as well as the supply constraints mentioned in the prior earnings call. Excluding this outlier, we expect wait times to continue to trend lower for the rest of the models and markets absent any material promotional activity or stimulus.”
Apple is a technology company known for its consumer electronics, software, and services.
1. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 235
NVIDIA Corporation (NASDAQ:NVDA) is one of the 10 AI Stocks Investors Are Watching. On November 12, TD Cowen reiterated Nvidia and Broadcom as “Buy.” The firm said it’s bullish ahead of Nvidia earnings next week, particularly due to the expected strength of the Blackwell Ultra uplift.
“Namely, we are positively inclined into the print on NVIDIA on the likely strength of the Blackwell Ultra uplift and the stock’s relative underperformance intraquarter. … .While we believe Broadcom and Credo are likely to report strong results as well, we see this as being largely understood and have a more muted expectation for their respective stock reactions.”
Analysts at Citi have also reiterated a buy rating on the stock with a price target of $220 from $210. The firm anticipates NVDA to report sales of $56.8 billion, surpassing analyst expectations of $54.6 billion. Nvidia is set to report its third-quarter results this week, set for release after markets close on Nov. 19.
NVIDIA Corporation (NASDAQ:NVDA) specializes in AI-driven solutions, offering platforms for data centers, self-driving cars, robotics, and cloud services.
While we acknowledge the potential of NVDA 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 NVDA and that has 100x upside potential, check out our report about this cheapest AI stock.
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