Wedbush analyst Dan Ives is taking a definitive step to validate his faith in AI. On Wednesday, Wedbush Fund Advisers launched the Dan IVES Wedbush AI Revolution ETF. The new ETF will begin trading on the New York Stock Exchange under the ticker symbol IVES.
The Wedbush AI Revolution ETF will offer investors the opportunity to follow Dan Ives and invest in his favorite AI plays. It will be tracking an index that consists of the companies from Wedbush’s Ives AI 30 research list.
READ NOW: 10 Trending AI Stocks on Wall Street Right Now and 10 AI Stocks Gaining Wall Street’s Attention
“It’s based on our research. So as new companies come in, then some companies could come out. This is a living organism, in terms of this AI 30. It’s not static. And that’s a key part of the theme here, because the theme will continue to evolve.”
Cullen Rogers, chief investment officer at Wedbush Fund Advisers, will be in charge of the ETF’s day-to-day operations.
“We’re kind of walking this line between active and passive. … We’re just looking to leverage Dan’s ideas as well as we can in an institutional framework, in this index, that gives investors a consistent, predictable structure.”
According to Ives, the fund is launching as the AI boom is expanding beyond those initial big winners.
“The AI revolution theme is now going from semis to software, to infrastructure, to consumer and the other derivatives.”
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 Q1 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 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
10. Bloom Energy Corporation (NYSE:BE)
Number of Hedge Fund Holders: 44
On June 4th, RBC Capital analysts reaffirmed their “Outperform” rating on Bloom Energy Corporation (NYSE:BE) with a price target of $26.00.
The firm is confident in Bloom Energy’s long-term and short-term opportunities. In particular, it has highlighted the increasing demand for electricity and grid constraints as factors making co-location solutions favorable. The firm also lauded Bloom’s internal initiatives, which aim to reduce product costs and further underscore the firm’s positive outlook.
The company’s reach and influence in the energy sector are also seen to be expanding, as management has recently addressed concerns related to regional policies. Last year’s AEP announcement was also highlighted as a positive catalyst, accelerating discussions with other utilities.
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.
9. Fortinet, Inc. (NASDAQ:FTNT)
Number of Hedge Fund Holders: 62
On June 4th, Fortinet, Inc. (NASDAQ:FTNT) announced a new AI-powered Workspace Security Suite, the FortiMail Workspace Security, along with powerful FortiDLP upgrades, aiming to better protect modern businesses.
The new capabilities allow FortiMail to be recognized as one of the broadest and most customizable email security platforms, protecting beyond email to incorporate browser and collaboration security.
Together with new features in FortiDLP, Fortinet’s next-generation data loss prevention (DLP) and insider risk management solution, users will be able to avail a unified, AI-powered approach to safeguarding users and sensitive data across today’s dynamic work environments.
By integrating artificial intelligence with integrated email, browser, collaboration, and data security, the company aims to offer better protection for security teams so that they can turn complexity into clarity and threats into easier tasks handled.
“In today’s evolving threat landscape, securing user productivity and sensitive data requires a unified strategy that considers both outsider threats and insider risks. Cybercriminals are aiming their efforts right at users and increasingly leveraging tools like FraudGPT, BlackmailerV3, and ElevenLabs to automate the creation of malware, deepfake videos, phishing websites, and synthetic voices—making attacks more scalable, convincing, and difficult to detect. With our expanded AI-powered FortiMail Workspace Security suite and FortiDLP solutions, Fortinet empowers organizations to stay ahead of threat actors and insider risks while ensuring users, data, and productivity remain secure.”
-Nirav Shah, Senior Vice President, Products and Solutions at Fortinet.
Fortinet, Inc. (NASDAQ:FTNT), a cybersecurity company, provides enterprise-level next-generation firewalls and network security solutions, leveraging artificial intelligence across its cybersecurity products.
8. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)
Number of Hedge Fund Holders: 64
On June 4th, BMO Capital raised the firm’s price target on CrowdStrike Holdings, Inc. (NASDAQ:CRWD) to $500 from $405 and kept an “Outperform” rating on the shares.
Firm analysts cited CrowdStrike’s “solid if unspectacular” quarterly performance and comprehensive security portfolio as reasons behind the rating affirmation. The analysts also told investors in a research note how the company boasts one of the most comprehensive and effective security portfolios.
Analysts also added that they are optimistic about the company’s ability to sustain 20% top-line growth into fiscal year 2027. This growth projection aligns with its current revenue growth of 26% and projected 21% growth for the next fiscal year.
Moreover, CrowdStrike’s customer commitment packages anniversary is expected to boost annual recurring revenue growth in the second half of fiscal year 2026. Even though the analysts acknowledge the stock’s high valuation, they are optimistic about its future performance.
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is a leader in AI-driven endpoint and cloud workload protection.
7. Workday, Inc. (NASDAQ:WDAY)
Number of Hedge Fund Holders: 85
On June 3rd, Workday, Inc. (NASDAQ:WDAY) announced a new unified, AI developer toolset at its annual developer conference, Workday DevCon 2025. This AI developer toolset will enable developers to customize and connect AI apps and agents on the Workday platform.
The new toolset includes an Agent Gateway that allows developers and partners to connect, list, and manage third-party agents in Workday for seamless agent-to-agent collaboration and workforce integration.
The toolset also includes an option for AI Widgets, which developers can add to apps and define custom prompts. These widgets offer personalized AI assistance for creating and refining content quickly across HR and finance use cases.
Moreover, expanded AI Gateway APIs will allow developers to integrate new Workday AI services natively into apps. Users will be able to ask questions about reports and understand documents using natural language.
The company also announced the expansion of its Developer Copilot, the conversational AI companion that helps developers code faster, across Workday Extend. The AI companion has been reported to improve developer productivity by more than 50%. Meanwhile, their new command-line interface (CLI) tool called Workday Developer CLI will help developers automate tasks and collaborate more effectively.
“Today, developers are under immense pressure to rapidly deliver sophisticated AI apps while navigating a complex and fragmented AI landscape. They’re piecing together disparate tools and services, hindering their ability to innovate. Workday’s new AI developer toolset removes these barriers by empowering developers to seamlessly integrate powerful AI capabilities into the apps and agents that will define the future of work.”
-Matthew Grippo, senior vice president, core software, Workday.
Workday, Inc. (NASDAQ:WDAY) provides enterprise cloud applications.
6. Snowflake Inc. (NYSE:SNOW)
Number of Hedge Fund Holders: 94
On June 4th, TD Cowen increased its price target for Snowflake Inc. (NYSE:SNOW) from $230 to $240 while maintaining a “Buy” rating.
The adjustment follows the firm’s attendance at Snowflake’s Summit ’25 conference and Analyst Day held in San Francisco this week. The analysts pointed out the company’s accelerated product roadmap, focusing on core analytics, unstructured workloads, and artificial intelligence.
Snowflake’s strategic focus in these core areas is helping it boost demand and strengthen its market position. The company is also accelerating its hiring efforts and investing in faster operational scaling, reflecting robust demand for its services.
Analysts also came away optimistic from the event days due to constructive insights on spending activity. They highlighted improvements in core OLAP performance, new offerings in AI and unstructured data, and enhanced data lifecycle management capabilities as key strengths.
The company also appears to be refreshing its go-to-market investments, supporting the positive outlook further.
Snowflake Inc. (NYSE:SNOW) is a cloud-based data storage company providing a data analysis, storage, and sharing platform.
5. Micron Technology, Inc. (NASDAQ:MU)
Number of Hedge Fund Holders: 96
On June 3rd, Micron Technology, Inc. (NASDAQ:MU) announced shipping of the world’s first 1γ (1-gamma) node-based low-power double data rate 5X (LPDDR5X) memory. Known to be a game-changer for the mobile industry, it has the ability to accelerate AI applications on flagship smartphones.
The Micron LPDDR5X delivers faster, smoother mobile experiences and longer battery life for users. This is true even when operating data-intensive workloads such as AI-powered translation or image generation.
Next-generation smartphone designs are competing to be as compact as possible, and the LPDDR5X package size boasts to be the industry’s thinnest package of 0.61 millimeters. This makes it 6% thinner compared to competitive offerings, and marks a 14% height reduction from the previous generation.
As such, Micron’s latest offering offers users a whopping 20% power savings, offering users the ability to enjoy their favorite AI applications, games, and video content longer on a single charge. Moreover, data center servers, intelligent vehicles, and AI PCs may also adopt the LPDDR5X for achieving optimized power efficiency and high performance.
“Micron’s 1-gamma node-based LPDDR5X memory is a game-changer for the mobile industry. This breakthrough technology delivers lightning-fast speeds and remarkable power efficiency — all within the industry’s thinnest LPDDR5X package — paving the way for exciting new smartphone designs. This solution demonstrates our commitment to empowering the ecosystem to create extraordinary mobile experiences.”
-Mark Montierth, corporate vice president and general manager of Micron’s Mobile and Client Business Unit.
Micron Technology, Inc. (NASDAQ:MU) develops and sells memory and storage products for data centers, mobile devices, and various industries worldwide.
4. Oracle Corporation (NYSE:ORCL)
Number of Hedge Fund Holders: 97
On June 3rd, Oracle Corporation (NYSE:ORCL) unveiled AI-powered enhancements to the Oracle Utilities Customer Platform, helping deliver fast, accurate meter data management (MDM) and streamlining utility operations.
The enhancements aim to simplify work for employees and improve performance across the platform, which powers metering, operations, and billing, sales and account management, customer service, and customer engagement, all in a single solution.
According to Oracle, the AI enhancements not only accelerate data processing speeds but also cut down operational costs and improve utility customer service. The Oracle Utilities Customer Platform integrates embedded AI and a unified data framework to help utility companies make smarter decisions using accurate meter readings.
“Globally, utilities have a multibillion-dollar opportunity to use AI to transform customer service and operations. With system complexity, costs, and customer needs all growing, it’s getting difficult and expensive for many utilities to keep up. We’re helping utilities tackle these challenges in ways just now becoming possible. By bringing AI and in-memory meter data processing into the Oracle Utilities Customer Platform, we’re helping our clients streamline operations, cut costs, and deliver a more satisfying customer experience.”
-Paul McDonald, vice president of product for Oracle Utilities.
Oracle Corporation (NYSE:ORCL) is a database management and cloud service provider.
3. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Holders: 104
One of the most notable analysts’ calls on June 4th was for Tesla, Inc. (NASDAQ:TSLA). Morgan Stanley reiterated the stock as “Overweight.” The firm said in a note on Wednesday that Tesla has the chops to be a player in the drone space.
“Manufacturing, material science, navigation/ autonomy, electric motor development, battery storage, supporting infrastructure and robotics … Tesla has a host of relevant skills to be a factor in the Low Altitude Economy from both a commercial and (potentially) non-commercial perspective.”
In other news, Piper Sandler analyst Alexander Potter reiterated an Overweight rating on the stock with a $400.00 price target. The rating reaffirmation followed the company’s investor call.
Analysts appreciated Tesla’s unique approach to vertical integration in the automotive industry, pointing out how it is the only car manufacturer actively working to source batteries at scale without relying on China. They noted how its in-house production of ‘4680’ batteries is at “almost zero reliance” on Chinese resources.
Tesla, Inc. (NASDAQ:TSLA) is an automotive and clean energy company that leverages advanced artificial intelligence in its autonomous driving technology and robotics initiatives.
2. Broadcom Inc. (NASDAQ:AVGO)
Number of Hedge Fund Holders: 158
On June 4th, Seaport reiterated Broadcom Inc. (NASDAQ:AVGO) as “Buy,” stating that it is bullish on the company’s new Tomahawk chip. The firm also said that it is sticking with the stock heading into earnings on Thursday.
In a Monday report, Reuters unveiled that Broadcom has begun shipping the Tomahawk chip, which is its latest networking chip that aims to speed AI.
The chip promises double the performance compared with the prior version and other traffic control features, making it significantly more efficient. According to Ram Velaga, a Broadcom senior vice president, the chip can be used to construct the larger data centers that are necessary for AI. These can be over 100,000 graphics processors (GPUs) strung together.
“Broadcom launched its flagship networking chip, Tomahawk 6. Broadcom has a very strong track record in networking. The new chip firmly positions the company as the leading contender against Nvidia for the AI compute market.”
-Seaport analysts.
Analysts on Wall Street currently have a consensus “Buy” rating on the stock. The average price target of $252 implies a 3% upside, however, the Street-high target of $301 implies an upside of 15%.
Broadcom is a technology company uniquely positioned in the AI revolution owing to its custom chip offerings and networking assets.
1. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 212
On June 4th, Wedbush reiterated NVIDIA Corporation (NASDAQ:NVDA) as “Outperform.” The firm believes Nvidia is a top idea for the “industrial revolution.”
“We view Nvidia’s intermediate term growth profile as likely to parallel broader favorable consumption/investment trends in these industries, bolstered by ramping Blackwell projects and large private and sovereign AI investments.”
In other news, Jefferies has added six new names to its list of “highest-conviction, Buy-rated” stocks, and NVIDIA Corporation didn’t fail to make it on the list.
Owing to its Blackwell Ultra chips and strength in networking, the firm sees upside to the company’s full-year 2025 guidance.
It was especially impressed with the company’s quarterly results, particularly its revenue projection that was largely in-line with analysts expected despite the impact from U.S. export curbs.
Analysts on Wall Street currently have a consensus “Buy” rating on the stock. The average price target of $175 implies a 23% upside, however, the Street-high target of $235 implies an upside of 66%.
NVIDIA 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.
READ NEXT: 12 AI Stocks on Latest News and Ratings and 10 AI Stocks on Wall Street’s Radar.
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.
Hedge Fund Resource Center