According to a report from news platform Semafor, Abu Dhabi-backed technology group G42 is planning to diversify chip suppliers beyond Nvidia for its UAE-U.S. AI campus. The group is engaged in negotiations with major American technology firms such as Amazon, Microsoft, Meta, and xAI.
The report has also revealed that G42 is looking at chipmakers AMD, Cerebras Systems, and Qualcomm for supplying some of the computing capacity at the campus.
Announced during US President Donald Trump’s visit to Abu Dhabi in May, the 5-gigawatt (GW) UAE-US AI Campus is designed to support US hyperscalers in providing faster services to an estimated 2.9 billion people who live within 2,000 miles of the UAE.
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 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
10. Dell Technologies Inc. (NYSE:DELL)
Number of Hedge Fund Holders: 54
Dell Technologies Inc. (NYSE:DELL) is one of the 10 Must-Watch AI Stocks on Wall Street. On August 29, UBS analyst David Vogt raised the price target on the stock to $155.00 (from $145.00) while maintaining a Buy rating.
In an investor note, the analysts said that Dell has reported a solid quarter but the shares will likely trade lower in the near-term due to mixed metrics. However, the firm is of the view that the company’s artificial intelligence order momentum remains strong enough to support the shares.
“Dell reported a solid qtr with revenue of $29.8B, 2% above our $29.1B est as AI Server rev of $8.2B drove the upside relative to our $7.0B est. As expected Dell’s CSG/PC business struggled, growing only ~1%, ~500 bps slower than HP while Storage declined ~3%, missing our est by ~6%, consistent with checks that indicated a muted backdrop, particularly in N. America. In addition, strong mix to AI server rev pressured GM to 18.7% vs our 19.2% est, offsetting a mix within Storage to more margin rich Dell IP. Therefore, the combo of slightly better revs and lower GMs drove EPS to $2.32 vs our $2.25 (guide of $2.25 +/- 10 cents). Looking forward, AI order commentary was bullish as Dell increased the FY26 AI rev tgt to $20B from > $15B, in-line with the investor bogey into earnings while traditional Dell end-mkts face discrete headwinds but should improve QoQ. That said, while the shares likely trade lower in the near-term given the mixed metrics, longer-term, AI order momentum remains strong enough to support the shares in our view.”
Dell Technologies Inc. (NYSE:DELL) provides IT solutions, including servers, storage, networking, and personal computing devices, to businesses and consumers worldwide.
9. Elastic N.V. (NYSE:ESTC)
Number of Hedge Fund Holders: 59
Elastic N.V. (NYSE:ESTC) is one of the 10 Must-Watch AI Stocks on Wall Street. On August 29, DA Davidson analyst Lucky Schreiner assumed coverage on the stock a Neutral rating and a price target of $105.00 (from $75.00).
The firm highlighted how Elastic has reported impressive 1Q26 results with accelerating revenue growth. Moreover, its better-than-expected guidance allowed shares to soar after hours.
The firm also discussed how there is an increasing demand for Elastic’s AI Search functionality as AI and Agentic applications are developed. Meanwhile, security consolidation trends also “stood out” during the quarter.
“With this note, we are transitioning coverage of Elastic with a NEUTRAL rating and $105 price target. Elastic reported impressive 1Q26 results with accelerating revenue growth landing ahead of expectations and provided a better than expected guide sending shares higher after hours. Demand for Elastic’s AI Search functionality is increasing as AI and Agentic applications are created and security consolidation trends stood out in the quarter. Price increases did contribute to the outperformance, regardless, sales execution continues to improve as Elastic grows with larger enterprise customers.”
Elastic N.V. is a search AI company offering cloud-based solutions.
