The Trump administration is having early discussions on whether to allow Nvidia to resume selling its H200 artificial intelligence chips to China, according to sources familiar with the matter. The H200, a graphics processing unit from Nvidia, is estimated to be twice as powerful as its H20 chips.
Even though plans may change, the Commerce Department is currently reviewing a possible shift in its export-control policy, the sources noted. The move marks a major shift from Trump’s earlier stances on semiconductor export controls.
Speaking about US export restrictions on advanced AI chips to China, Nvidia said in a statement that the current regulatory landscape did not allow it to offer a competitive data chip in China, “leaving that massive market to our rapidly growing foreign competitors”.
“Our foreclosure from the China data centre compute market has no impact on our ability to supply customers in the US.”
While a White House official declined to comment, they noted that, “The administration is committed to securing America’s global technology leadership and safeguarding our national security.”
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. Rivian Automotive, Inc. (NASDAQ:RIVN)
Number of Hedge Fund Holders: 41
Rivian Automotive, Inc. (NASDAQ:RIVN) is one of the 10 AI Stocks Making Moves on Wall Street. On November 17, Stifel raised its price target on the stock to $17.00 from $16.00, while maintaining a “Buy” rating.
The price target raise follows Rivian’s generally positive third-quarter 2025 results. Stifel is optimistic on RIVN driven by stronger software economics and improved unit costs, as well as a positive long-term outlook.
From stronger software and service profitability and to sharp improvements in vehicle gross loss, the firm discussed several key positives for Rivian. There is also a possibility that upcoming policy changes may reduce tariff impact to only a few hundred dollars per unit.
“ Key positives include: 1. Strong Software and Service revenue and profitability; 2. COGS per unit down ~$2,200 sequentially; 3. Gross profit (loss) per vehicle excluding software & services improved to $(985) from $(3,142) in 2Q25, exceeding our ($2,039) forecast; 4. Noted it can cut cost by about half from R1 to R2; and 5. Once new policies are in place, expects tariff impact of a few hundred dollars per unit compared to several thousand dollars per unit previously.”
Besides software economics and improved unit costs, the firm highlighted how Rivian also plans to host an Autonomy & AI Day on December 11, 2025. Rivian will be hosting this event in order to discuss its product and tech roadmap, as well its AI strategy.
Overall, the firm believes that Rivian’s long-term story remains intact.
“RIVN is also hosting an Autonomy & AI Day December 11, 2025. We believe the long-term story is intact, reiterate our Buy rating, and we’re raising target price to $17 from $16 target price based on our DCF.”
Rivian Automotive, Inc. (NASDAQ:RIVN) is an automaker that creates and manufactures electric vehicles, as well as software and services.
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 20, BofA Securities reduced its price target on the stock to $160.00 from $170.00 while maintaining a Buy rating. The price target cut comes ahead of the company’s fiscal third-quarter earnings report scheduled for November 25.
The firm is cautiously positive on Dell, citing near-term margin pressure from rising memory costs. However, it anticipates the company to manage this through pricing and Opex controls.
BofA is particularly concerned about DRAM and NAND pricing, anticipating Dell’s Infrastructure Solutions Group operating margins to fall by 11 basis points in fiscal 2027, and Client Solutions Group margins to witness a more substantial 184 basis point decline.
“Dell reports F3Q26 on 11/25 and the key focus for investors will be margin resilience heading into C26 given immense increases in memory costs. We perform a cost analysis to show the impact DRAM/NAND costs have on Dell’s segments on a GM, OP, and total company basis. Assuming DRAM/NAND price increases in F1q 1, realistic pricing taken by Dell and Opex reductions, we calculate a -129bps, -76bps, -$0.65 to total GM, OM, and EPS in F27E (vs Status Quo) respectively. For ISG, OMs are impacted by -11 bps in F27E and -184bps for CSG margins.”
BofA forecast Dell’s Q3 results to be in-line with guidance and Street estimates, with minimal impact from DRAM/NAND pricing due to timing of inventory. Despite the adjustments, the firm’s Buy rating reflects early-stage AI adoption and tailwinds.
“Our analysis suggests F4Q OMs and EPS are impacted -56bps/-$0.01, as Dell will likely price and reduce Opex to offset memory increases. For F4Q and F26, Dell likely maintains guidance despite cost pressures as Dell typically guides conservatively. Reit. Buy as we are in early stages of AI adoption and tailwinds.”
Dell Technologies Inc. (NYSE:DELL) provides IT solutions, including servers, storage, networking, and personal computing devices, to businesses and consumers worldwide
8. Astera Labs, Inc. (NASDAQ:ALAB)
Number of Hedge Fund Holders: 56
Astera Labs, Inc. (NASDAQ:ALAB) is one of the 10 AI Stocks Making Moves on Wall Street. On November 20, BNP Paribas Exane initiated coverage on the stock with an Outperform rating and a price target of $225.00.
Despite near-term weakness, the firm is bullish on the stock due to robust structural AI tailwinds. In particular, the firm believes that Amazon’s next-gen Trainium systems and AI interconnect demand will drive multi-year upside for the stock.
BNP Parisbas acknowledged how the stock has fallen more than 40% from its mid-September peak, but believes that this is an attractive entry point based on its optimism around Amazon’s next generations of Trainium server systems.
“We are initiating Astera Labs with an Outperform rating and $225 TP, representing over 50% upside. While the stock has declined more than 40% from its peak of ~$250 in mid-September due to investor concerns over the market acceptance of UALink, we view this as an attractive entry point”.
Analysts believe that the systems will likely drive significant revenue growth opportunities for Astera over the next three years.
“Astera Labs is well positioned to benefit from the rapidly growing market of high-speed interconnects in AI systems for merchant GPUs and custom ASICs.”
Astera Labs, Inc. (NASDAQ:ALAB) is engaged in the design, manufacture, and selling of semiconductor-based connectivity solutions for cloud and AI infrastructure.
7. 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 Making Moves on Wall Street. On November 20, BTIG analyst Gray Powerll raised the price target on the stock to $248.00 while maintaining a Buy rating.
The price target raise follows PANW’s solid Q1 beat, modest FY26 raise, and a surprise entry into the observability space through its Chronosphere deal.
PANW reported revenue of $2,474 million for the quarter, topping both BTIG’s and Wall Street’s estimates of $2,462 million. The revenue beat was largely driven by better-than-expected product revenue, noted the analysts, with services fractionally above forecasts.
It’s Next-Generation Security Annual Recurring Revenue (NGS ARR) was $5,850 million, up 29.4% year-over-year with $270 million in net additions. The firm noted how these numbers slightly exceeded its prior estimate of $5,840 million and the Street consensus of $5,834 million.
“In addition, PANW raised the midpoint of its FY26 revenue guide by $20MM to $10,520MM / 14.1% y/y, from $10,500MM / 13.9% previously while maintaining its NGS ARR outlook. All in, we thought it was a good quarter with most KPI’s landing about where we thought they would.”
Besides the performance, the biggest surprise of the night for the firm had been PANW’s announcement of a $3.35 billion acquisition of private company Chronosphere. According to the analysts, Chronosphere is a “highly regarded asset” with tangible synergies with PANW’s existing XSIAM product and SOAR capabilities.
The firm has made little changes to its FY26/FY27 revenue and FCF estimates.
Palo Alto Networks, Inc. (NASDAQ:PANW) is a leader in AI-powered cybersecurity.
6. 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 20, UBS raised its price target on the stock to $275 from $245 while maintaining a “Buy” rating. The firm’s optimism is based on robust DRAM profitability, full HBM bookings through 2026, and upside to Q1.
According to the firm, Micron is now fully booked on High Bandwidth Memory (HBM) supply through the end of 2026. This is a reflection of tight market conditions, which also align with UBS’s recent industry checks.
“As it is about to go into quiet period, MU offered incremental color on the status of its business with commentary that was very much consistent with our latest round of industry checks — but did not positively pre-announce FQ1 (Nov). MU’s view on the duration of supply tightness has extended versus 3 months ago (now through CYE2026) and it is now fully booked out on HBM supply through CYE2026. On the back of such tight supply conditions and consistent with our recent industry checks, we see profitability in core DRAM strengthening even further — leading to DDR gross margin to surpass HBM for the first time in early C2026 even as MU faces (we think) a slightly shallower ramp in HBM revenue versus the past few Qs because of capacity limitations.”
While Micron didn’t pre-announce results, the firm believes that it is performing better than guidance, supported by DDR5 contract negotiations reaching 20% quarter-over-quarter increases or higher, while some mobile DRAM deals witnessing price increases of almost 40% quarter-over-quarter.
“All things considered, we reiterate our long-held view that the cycle will be more durable this time as HBM ‘crowds out’ the traditional memory market as most, if not all, of the capacity additions across the industry through C2027 will likely go to HBM.”
Micron Technology, Inc. (NASDAQ:MU) develops and sells memory and storage products for data centers, mobile devices, and various industries worldwide.
5. 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 20, Piper Sandler reiterated its Overweight rating on the stock with a $500 price target. The rating affirmation comes after an investor meeting at the company’s Fremont facility in California.
Analysts now view autonomy as a key upside driver for Tesla, noting that they came away impressed by FSD v14 following a flawless robo taxi test.
“This week, we hosted an investor meeting at Tesla’s facility in Fremont, CA. We test ‘drove’ the latest version of Tesla’s full self-driving (FSD) software, while also participating in 75+ minutes of Q&A.”
The firm test drove the latest version of Tesla’s FSD software, noting how it is a “truly impressive product.” It believes that investors should try the FSD v14, noting how it drives better than the average American. The statement was made after a flawless robo-taxi ride to the hotel.
“A flawless robo-taxi ride to the hotel reinforced our conviction in this statement. Other topics included Tesla’s in-house chip efforts, the Optimus robot, stationary storage batteries, and comments re: capex, margins, etc.”
The firm participated in over 75 minutes of question-and-answer sessions, with much of the discussion centered on FSD and Tesla’s robo-taxi development efforts.
Tesla, Inc. (NASDAQ:TSLA) is an automotive and clean energy company that leverages advanced artificial intelligence in its autonomous driving technology and robotics initiatives.
4. 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 20, TD Cowen reiterated its Buy rating on the stock with a $335.00 price target. The firm pointed out Google’s recent Gemini 3 launch and rising monthly active users as catalysts of AI engagement across Search, Gemini, and Cloud.
According to the firm, Alphabet launch Gemini 3 on November 18th and immediately integrated it across Search, Gemini, and Cloud offerings. Analysts believe that these updates will likely drive higher engagement of Google’s AI offerings, building on trends observed in recent months.
The firm’s October 2025 U.S. consumer survey has revealed that Gemini and AI Mode monthly active user penetration has been steadily rising since July 2025. The updates are anticipated to extend these trends further.
“We expect the updates to drive higher engagement of GOOG’s AI offerings, extending trends from our October ’25 US consumer survey which suggest steadily rising Gemini and AI Mode MAU penetration since July ’25 (vs more stable user trends at ChatGPT).”
Alphabet Inc. (NASDAQ:GOOGL) is an American multinational technology conglomerate holding company wholly owning the internet giant Google, amongst other businesses.
3. 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 20, Evercore ISI raised its price target on the stock to $352 from $261 while maintaining an “Outperform” rating.
Nvidia remains the firm’s “Top Pick” following Q3 earnings supported by reaccelerating revenue growth and improved product availability. According to Evercore ISI, Nvidia remains the “AI ecosystem of choice”, with GB200 and GB300 availability greatly improved.
Blackwell compute revenue has increased an estimated 48% quarter-over-quarter, a more than $13 billion in growth compared to July quarter.
“Revs Reaccelerating — Reiterate OP. We reiterate our Outperform rating and are increasing our estimates and raising our Price Target from $261 to $352, reflecting 35x our Base Case C2030 EPS of $14.74 discounted back to 2026. Results were consistent with our channel checks which indicated that NVDA remains the AI ecosystem of choice and that GB200 and GB300 availability had greatly improved — with Blackwell revs increasing by nearly 50% QoQ (or $13bn+).”
While supply remains tight, the firm believes that Nvidia’s 32% increase in inventory and 63% QoQ increase in supply commitments will allow it to support its $500 billion data center compute orders in 2025-26.
“Importantly, we model revenues accelerate from 56% growth in Jul-25Q to 79% in the Jul-26Q, which we expect will support a premium P/E of 35x. Based on AH pricing, NVDA trades at a 25x P/E — nearly 30% discount vs 9yr median of 35x. We believe risk/reward remains attractive and NVDA remains our Top Pick.”
The analysts also added how the company modeling $493B in total 2025 and 2026 revenues is “potentially conservative given current trends.”
NVIDIA Corporation (NASDAQ:NVDA) specializes in AI-driven solutions, offering platforms for data centers, self-driving cars, robotics, and cloud services.
2. 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, Cantor Fitzgerald lowered the firm’s price target on the stock to $720 from $830 and kept an “Overweight” rating on the shares. The firm holds a positive outlook toward the stock but is cautious about near-term cost headwinds.
In an investor note, the firm noted how Meta guided FY26E operating expense growth to accelerate significantly vs. 2025 on the 3Q25 earnings call. This was driven by depreciation, infrastructure operating costs, and recently hired AI talent.
Meanwhile, Meta’s recent agreements with four cloud vendors (GOOGL, ORCL, CRVW, and NBIS) bring cloud computing expenses to an estimated $40B+, which is a significant increase in future commitments and may create potential headwinds for 2026.
Cantor believes that Meta will likely incur an estimated $4billion in incremental costs in FY26E, a 3 percentage points of year-over-year growth. However, analysts noted that the payments are likely tied to capacity brought online by partners.
“Admittedly, a lot of payments are likely tied to capacity brought online by partners, which introduces a layer of uncertainty and could delay expenses into the future but we expect some incremental headwinds in 2026E. As such, we currently forecast total opex of $152B (+30% y/y) for FY26E. We have lowered our FY26E EPS by 2% and our revised PT is $720 (vs $830 previously).”
Meta Platforms has been expanding its advertising capabilities and also invests heavily in artificial intelligence and the metaverse.
1. 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 20, Evercore ISI reiterated an Outperform rating on the stock with a price target of $640.
The rating affirmation follows Microsoft’s Ignite conference and investor meetings, underscoring Microsoft’s long-term lead in AI. The firm believes that the recent pullback is a buying opportunity into CY26.
“Earlier today, we hosted two investor meetings, the first with Microsoft President of Business & Industry Copilot Charles Lamanna, and the second with AvePoint Chief Financial Officer Jim Caci and Chief Strategy & Marketing Officer Mario Carvajal.”
The firm’s discussions with Microsoft President of Business & Industry Copilot Charles Lamanna has unveiled Microsoft’s expanding scope across agents, business applications, the Power Platform, and Agent 365 offering.
Lamanna noted how Agent 365 will serve as the core ‘registry of registries,’ giving Microsoft a structural advantage because businesses will need strong tools to manage agent growth, security, and interoperability.
Even though companies are still in early stages of data readiness, agents are already delivering positive results in areas such as software development, customer success, and more. Lamanna noted how agents, WorkIQ, and Copilot, will be significantly reshaping business applications.
He also highlighted that business applications will be fundamentally reshaped by “agents, WorkIQ, and Copilot, with traditional app UI value declining as enterprises shift toward agent-driven experiences.”
Meanwhile, firm conversations with AVPT management highlighted the growing importance of agent governance. AVPT holds a clear opportunity in this area, helping companies manage aspects such as compliance, visibility, and even identity based monetization.
“In our conversation with AVPT mgmt, we discussed the growing importance of agent governance as enterprises face rapid agent proliferation, rising AI-generated data, and cross-vendor complexity. We also covered how these trends create a clear opportunity for AVPT to lead in compliance, visibility, and identity-based monetization as hyperscalers remain focused on productivity and frontier models rather than governance.
Overall, the firm remains bullish on Microsoft’s position in artificial intelligence and sees the recent pullback as “an attractive buying opportunity heading into CY26.”
Microsoft Corporation (NASDAQ:MSFT) provides AI-powered cloud, productivity, and business solutions, focusing on efficiency, security, and AI advancements.
While we acknowledge the potential of MSFT 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 MSFT and that has 100x upside potential, check out our report about this cheapest AI stock.
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