Global tech stocks rallied on Thursday following AI chipmaker Nvidia’s earnings report which helped cool down fears of an overheating AI bubble, at least for now. The stellar results from Nvidia signal that demand for artificial intelligence hardware remains strong, even as analysts continue to warn about stretched valuations.
Meanwhile, CEO Jensen Huang has rejected the premise that markets are in a bubble, clarifying that he sees something different instead.
“There’s been a lot of talk about an AI bubble,” said Huang. “From our vantage point, we see something very different. As a reminder, Nvidia is unlike any other accelerator. We excel at every phase of AI from pre-training to post-training to inference.”
According to Huang, areas like data processing are now moving to GPUs because they need the AI. This is why they’re switching from old setups to Nvidia chips. Moreover, AI isn’t only being integrated in current applications, but it also holds the the potential to create entirely new ones.
Finally, Jensen argued that with agentic AI coming in, even more computing power will be required. All of this goes against the premise that there may be a bubble burst.
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.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
10. Baidu, Inc. (NASDAQ:BIDU)
Number of Hedge Fund Holders: 33
Baidu, Inc. (NASDAQ:BIDU) is one of the 10 AI Stocks Making Moves on Wall Street. On November 19, Benchmark analyst Fawne Jiang raised the firm’s price target on the stock to $158 from $115 and kept a “Buy” rating on the shares. The firm believes that strong AI momentum is helping Baidu offset a weak ad recovery.
The firm noted how Baidu’s Q3 results show diverging trends. Its main search ad business is weak, and it remains unclear when it will recover considering that the company is testing more AI features and also facing competition.
On the other hand, AI initiatives are gaining ground and account for more than 40% of core revenue under the company’s new disclosure framework. These initiatives are helping drive growth across Cloud, AI applications, and AI-native marketing services.
The firm believes that several factors support a higher valuation for Baidu.
“Management is committed to scaling AI, supported by a competitive technology stack and rising structural adoption. With greater transparency, faster AI adoption, and optionality from asset value recognition, we believe a sum-of-the-parts approach is appropriate and raise our price target to $158, reflecting our SoTP valuation.”
Benchmark further stated how search recovery remains concerning, but Baidu’s AI momentum, strong execution, and potential for proactive capital returns will help drive further upside.
“Search recovery remains a near-term concern, as it drives the majority of NT earnings, but we view upside as likely from AI momentum, execution of strategic milestones, and potential for proactive capital returns to better deploy Baidu’s large net cash balance.”
Baidu, Inc. (NASDAQ:BIDU) is a Chinese internet giant and AI pioneer, known for its noteworthy investments in artificial intelligence technology and its position as the dominant search engine within the country.
9. Dell Technologies Inc. (NYSE:DELL)
Number of Hedge Fund Holders: 54
Dell Technologies Inc. (NYSE:DELL) is one of the 10 AI Stocks Making Moves on Wall Street. On November 17, Morgan Stanley cut ratings on major technology hardware makers, including Dell. The firm double-downgraded Dell to “underweight” from “overweight,” and cut its price target to $110 from $144.
“Dell Technologies (UW): AI server mix + component cost inflation to pressure margins and valuation, double downgrading to Underweight (from OW) with a new $110 PT. In May 2023 we upgraded DELL to OW (from EW) and in September 2023 we elevated DELL to our Top IT Hardware Pick, with a belief that the market was under-appreciating DELL’s Gen AI opportunity and path towards accelerating shareholder returns. Since the March 2023 bottom, the stock has re-rated ~7x and outperformed by ~200 points.”
The firm now believes that that Dell is “one of the hardest hit stocks from rising memory costs, stating that margin pressure from AI server mix and rising memory costs are driving a sharp reset in outlook.
Over the past six months, spot prices for NAND flash and dynamic random-access memory products have risen by as much as 50% and 300%. Since Dell has a mix of products, it is going to be most exposed to the higher prices, the firm said.
“DELL is one of the hardest hit stocks from rising memory costs in our OEM universe, and we are reducing our FY27 gross/operating margins by ~150–220bps and EPS by ~12% to reflect AI server strength and headwinds from rising memory costs.”
Dell Technologies Inc. (NYSE:DELL) provides IT solutions, including servers, storage, networking, and personal computing devices, to businesses and consumers worldwide
8. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)
Number of Hedge Fund Holders: 66
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is one of the 10 AI Stocks Making Moves on Wall Street. On November 18, Stifel raised its price target on the stock to $600 from $515 while maintaining a “Buy” rating. The rating affirmation comes ahead of the company’s fiscal third-quarter earnings report scheduled for December 2.
The firm maintains a Buy on Crowdstrike based on improving VAR trends, stronger FY26/27 growth expectations, and rising adoption of AI Security modules.
Stifel noted that it has surveyed 25 Crowdstrike’s value-added resellers (VARs) regarding quarterly results and expectations for the year. Overall, the results demonstrated modest sequential improvements in quarterly year-over-year growth rates in contrast to the previous survey.
“In general, the survey saw modest improvements sequentially, with quarterly Y/Y growth rates improving vs. last quarter’s survey. Encouragingly, there was a slight increase in VARs outperforming expectations and a slight decrease in VARs underperforming expectations.”
The firm also said that it anticipates a “solid” quarter when CrowdStrike reports fiscal Q3 earnings.
“Looking ahead, VARs are generally more bullish on FY26 growth expectations (by over a 5:1 ratio) and most VARs expect to grow between 10%–30% Y/Y in FY27. Additionally, a plurality of VARs expect CrowdStrike’s AI Security modules to see the highest level of adoption among CrowdStrike’s growing portfolio over the next three years. Turning to Flex, traction remains encouraging with a growing percentage of VARs 1. selling Flex deals, 2. seeing better-than-expected Flex consumption, 3. seeing customers Re-Flex, and 4. expecting a majority of customers to Re-Flex over time.”
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is a leader in AI-driven endpoint and cloud workload protection.
7. Micron Technology, Inc. (NASDAQ:MU)
Number of Hedge Fund Holders: 94
Micron Technology, Inc. (NASDAQ:MU) is one of the 10 AI Stocks Making Moves on Wall Street. On November 19, TD Cowen raised its price target on the stock to $275.00 from $200.00 while maintaining a “Buy” rating.
The firm believes that Micron’s book value growth is strong through early 2027 and that risk is limited despite concerns about valuations and demand pull-in.
This book value per share growth is likely to accelerate through the first calendar quarter of 2027 driven by strong pricing in the memory chip market. However, there are some investor concerns.
“The main pushback against being long Micron here is that this is a commodity business, valuation is at the high-end of its historical range, it’s a matter of time until customers start pre-ordering and pulling in demand, and CY26 bull-case EPS of $25–30 looks like peak earnings (> 2x prior record in 2018).”
TD Cowen noted how historically, the stock has never peaked more than six months before book value growth year-over-year peaks. This suggests further upside potential for the shares.
Due to strong pricing, BVPS growth will likely keep rising, the firm noted. This momentum may break in case big companies start pushing back on prices and cutting orders, similar to how they did in mid-2021. However, the firm doesn’t see that happening anytime soon.
“Our view is that MU stock has never peaked more than 6 months before Book Value growth Y/Y peaks. With strong pricing, we expect BVPS growth to accelerate from here through CQ1’27, more than 12 months out. The one thing that can break this momentum is hyperscalers pushing back on pricing & reducing volume purchases – similar to CQ2’21 dynamics. We do not see that happening anytime soon.”
Micron Technology, Inc. (NASDAQ:MU) develops and sells memory and storage products for data centers, mobile devices, and various industries worldwide.
6. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Holders: 115
Tesla, Inc. (NASDAQ:TSLA) is one of the 10 AI Stocks Making Moves on Wall Street. On November 17, Stifel raised the firm’s price target on the stock to $508 from $483 and kept a “Buy” rating on the shares. Analysts at the firm are optimistic on Tesla driven by its advancing robotaxi rollout, improving FSD capabilities and long-term Optimus potential.
“We believe that Tesla’s AI-based Full Self-Driving (FSD) technology and Robotaxi initiatives are critical to the story and a large part of our valuation.”
Stifel discussed Tesla’s robotaxi expansion plans, highlighting how the company plans to reach 8 to 10 metropolitan areas by year-end 2025. Meanwhile, robotaxis without safety drivers in parts of Austin will likely be deployed by end of 2025.
“[Tesla] management noted plans to expand to roughly eight to 10 metropolitan areas by year-end 2025. In Austin, TSLA has expanded the coverage area three times since its initial launch in June 2025, and is operating with a safety driver. Robotaxi in the Bay Area is also making progress though safety drivers are still in place.”
Tesla’s Full Self-Driving (FSD) Version 14 also “appears to be working well,” the firm noted, and there are plans to add “reasoning capabilities” in version 14.3 or 14.4. The capabilities will allow for better decision making and use 360-degree vision for tasks such as selecting optimal parking spots.
The only concern Stifel has highlighted is Tesla’s automotive business where its falling gross profit per vehicle and “flattish” average selling prices in the near future are dampening the overall outlook.
Tesla, Inc. (NASDAQ:TSLA) is an automotive and clean energy company that leverages advanced artificial intelligence in its autonomous driving technology and robotics initiatives.
5. Alphabet Inc. (NASDAQ:GOOGL)
Number of Hedge Fund Holders: 219
Alphabet Inc. (NASDAQ:GOOGL) is one of the 10 AI Stocks Making Moves on Wall Street. On November 19, KeyBanc maintained its Overweight rating on the stock with a $330.00 price target. Analysts at the firm believe that Google’s Gemini 3 launch and full stack AI strength are key drivers of competitive and financial upside.
Google launched the latest version of its artificial intelligence model Gemini on Tuesday, November 19. CEO Sundar Pichai has described it to be the “most intelligent model” in a company blog post.
With Google’s full stack approach to AI creating meaningful advantages for Google, the latest to prove this worth has been Gemini 3, the analysts note.
“The Full Stack Advantage Is Bearing Fruit; Google has long emphasized its full stack approach to AI creating meaningful advantages.”
The AI model is proving this by setting new records, powering AI mode in Search, and offering a better coding experience. Analysts believe Google has the potential to roll out AI tools while generating robust returns.
“In our view, Google is demonstrating it can make AI tools broadly available to consumers, developers, and enterprises concurrently while delivering attractive financial returns. We maintain our OW rating and $300 PT (24.5x 2027E P/E).”
Alphabet Inc. (NASDAQ:GOOGL) is an American multinational technology conglomerate holding company wholly owning the internet giant Google, amongst other businesses.
4. Meta Platforms, Inc. (NASDAQ:META)
Number of Hedge Fund Investors: 260
Meta Platforms, Inc. (NASDAQ:META) is one of the 10 AI Stocks Making Moves on Wall Street. On November 19, MoffettNathanson cut its price target for the stock to $750, warning that “this time is different” from previous tech resets. The firm believes that there are steep margin risks amid accelerating AI investments for Meta.
The firm believes that there is a lack of cost discipline in the company, calling for ‘another year of efficiency’ as margins face multiyear pressure. Much of the firm’s past year has remained being focused on how Meta’s rising AI investments would pressure margins and stock price.
Even though it had assumed that any valuation shake would be followed by a slowdown in revenue, the “the sheer scope of these investments… appears to have come into focus way ahead of any revenue shortfall.”
With Meta shares having fallen 20% in the past weeks, the firm believes it was “too complacent” in its previous investment stance and anticipate further margin compression.
In particular, Reality Labs spending remains a concern. Overall, the firm believes that it has become harder to defend the stock and that Meta may drift until cost discipline returns.
Meta Platforms has been expanding its advertising capabilities and also invests heavily in artificial intelligence and the metaverse.
3. Microsoft Corporation (NASDAQ:MSFT)
Number of Hedge Fund Holders: 294
Microsoft Corporation (NASDAQ:MSFT) is one of the 10 AI Stocks Making Moves on Wall Street. On November 19, Guggenheim reiterated its Buy rating on the stock with a $675.00 price target. The rating affirmation follows Microsoft’s annual Ignite user conference in San Francisco.
Ignite is an annual event from Microsoft that demonstrates the updates and developments that allow customers, partners and developers to utilize the full potential of Microsoft technology.
Microsoft unveiled various products and partnerships at the conference, which hosted an estimated 20,000 attendees. These products and partnerships have been designed to enable enterprises to become successful AI frontier firms.
Demonstrations included incorporating AI copilots and agents directly into workplace tools and grounding them in enterprise data environments. These efforts will in turn help the company industrialize AI, the firm noted.
“The core narrative was ‘AI in the flow of human ambition,’ which refers to putting copilots and agents directly into tools workers already use, grounding them in enterprise data, and surrounding them with the governance and security needed for production-scale deployment. Across keynotes, demos and customer discussions, we believe Microsoft positioned itself as the platform on which orgs can industrialize AI. Reiterate Buy and $675 PT.”
Microsoft Corporation (NASDAQ:MSFT) provides AI-powered cloud, productivity, and business solutions, focusing on efficiency, security, and AI advancements.
2. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 235
NVIDIA Corporation (NASDAQ:NVDA) is one of the 10 AI Stocks Making Moves on Wall Street. On November 19, Baird reiterated an “Outperform” rating on the stock and raised the price target from $225 to $275.
The rating affirmation, issued after Nvidia’s earnings print, reflects confidence in the AI chipmaker’s architecture leadership and unmatched AI momentum. Nvidia reported fiscal third-quarter earnings and revenue that topped Wall Street expectations. It also provided stronger-than-expected sales guidance for the fourth quarter.
Earnings per share came in at $1.30 adjusted versus $1.25 expected, while revenue reached $57.01 billion as compared to the $54.92 billion expected.
Baird has raised the price target on Nvidia post earnings, citing strong Blackwell chip demand that exceeds supply. TSMC’s capacity will be crucial next year, the analysts noted, while it expects Nvidia to maintain a clear AI performance lead in 2026 and 2027.
“Blackwell demand is now well exceeding supply, the repeat of a situation Nvidia faced in 1H24. Execution and TSMC capacity will be in focus for next year, while we expect Nvidia to maintain a stratospheric performance and platform advantage versus the competition throughout 2026 and likely 2027.”
Based on its insatiable AI demand and its long-standing architecture leadership, the firm sees room for multiple expansion ahead.
“The combination of insatiable AI demand and ongoing architecture performance leadership (nothing new for Nvidia since 1999) warrants multiple expansion ahead, in our view. Outperform-rated.”
NVIDIA Corporation (NASDAQ:NVDA) specializes in AI-driven solutions, offering platforms for data centers, self-driving cars, robotics, and cloud services.
1. Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 335
Amazon.com, Inc. (NASDAQ:AMZN) is one of the 10 AI Stocks Making Moves on Wall Street. On November 18, Rothschild & Co Redburn’s Alexander Haissl downgraded the stock to “Neutral” from buy with a $250 price target. The firm has turned cautious on AWS due to concerns about generative AI economies, citing limited upside despite robust positioning.
The firm is of the view that there was previously optimism surrounding AWS’s positioning in the generative AI space. It was better positioned than Azure due to its vertical integration and partnership with Anthropic.
“Taking a more cautious view on AWS is a difficult but necessary step. Throughout the various Gen-AI narrative cycles, we maintained our conviction that AWS was doing the right things and was better positioned than Azure — thanks to its vertical integration and its partnership with Anthropic, which we see as more attractive than OpenAI given its focus on the software development Gen-AI cycle, the most compelling and durable use case.”
However, the firm believes that this backdrop has shifted and AWS has reaccelerated broadly, leaving limited meaningful upside ahead. The firm believes that Amazon now faces a similar challenge to Microsoft.
“Moreover, Amazon now finds itself in a similar position to Microsoft: although AWS captures more value within the stack, Gen-AI remains dilutive to returns — and its share is increasing.”
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.
READ NEXT: 10 AI Stocks Analysts are Tracking Closely and 10 AI Stocks Investors Are Watching
Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.
