In this article, we will discuss 10 Stocks That Could Double Over the Next 2 Years.
The next stock market explosion may not come from a single “hot” sector but from a cluster of industries positioned to double as AI, energy, and infrastructure spending collide.
Across Wall Street, billionaire investors and hedge fund managers are increasingly converging on one theme: the next two years will be driven not by broad market growth, but by selective, high-momentum industries tied to artificial intelligence infrastructure, electrification, energy systems, and industrial capacity expansion. Legendary hedge fund manager Stanley Druckenmiller has repeatedly emphasized that major returns are made when investors correctly identify “macro waves” early, especially during periods of accelerating capital spending. Ray Dalio has similarly warned that structural shifts like geopolitical fragmentation and rising energy demand tend to create powerful winners in real-asset and infrastructure-linked industries. Meanwhile, Ken Griffin’s hedge fund positioning shows a strong preference for AI-linked semiconductors and infrastructure providers, reflecting conviction that computing and power demand will remain the dominant market force.
Recent hedge fund data confirms this shift. Goldman Sachs reports that hedge funds have dramatically increased exposure to semiconductor and AI infrastructure stocks, with some AI-linked portfolios delivering over 60% year-to-date returns, far outpacing the broader market. Meanwhile, research from Goldman and Bloomberg-linked analysis shows hyperscaler capital expenditure is projected to exceed $750 billion annually, fueling a massive “AI capex supercycle” that is lifting earnings across select industrial and tech sectors.
At the same time, analysts at firms like JPMorgan and BlackRock highlight that broader equity gains in 2026 are increasingly concentrated in a narrow set of high-growth industries tied to AI, energy infrastructure, and automation, suggesting potential for outsized returns but also heightened dispersion between winners and laggards.
For investors, the implication is clear: the industries most likely to double in the next two years will not be random; they will be those sitting at the intersection of AI infrastructure, power demand, and industrial transformation, where capital, policy, and technology are all accelerating at once.
With that being said, here are some stocks that could double over the next two years.
Our Methodology
We sifted through financial media reports and Reddit threads to compile a list of the top stocks that could double in 2 years. We limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. These stocks are also popular among analysts and elite hedge funds. To make the list easier to navigate, we ranked the stocks in ascending order of their market capitalization.
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. Insider Monkey’s quarterly newsletter strategy selects 14 small-cap and large-cap stocks every quarter and has returned 599.2% since May 2014, beating its benchmark by 372 percentage points (see more details here).
10 Stocks That Could Double Over the Next 2 Years
10. Evolv Technologies Holdings, Inc. (NASDAQ:EVLV)
Market Capitalization: $1.02 billion
On June 9, TD Cowen named Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) one of its top small-cap ideas for 2026, maintaining a Buy rating and assigning a $10 price target. The firm highlighted Evolv’s positioning in AI-driven physical security systems, which use advanced point-of-entry scanning technology to detect concealed weapons while maintaining high throughput and minimal disruption. TD Cowen emphasized that the company’s security-as-a-service model and subscription-based revenue structure could support improved operational performance and valuation expansion over time. The firm also noted that Evolv is expected to benefit from accelerating unit growth and improving financial metrics heading into 2026.
Earlier, on June 4, Evolv Technologies Holdings, Inc. announced the renewal of its partnership with the Philadelphia Phillies, extending the use of its Evolv Express screening system at Citizens Bank Park. The system has been in continuous use since 2023, screening nearly 12 million attendees to date, and the renewal reflects broader customer retention trends among Evolv’s early adopters. The company noted that professional sports venues that initially adopted its technology are increasingly renewing contracts as they approach the end of their subscription cycles, reinforcing Evolv’s presence across major U.S. sports markets.
Evolv Technologies Holdings, Inc. is headquartered in Waltham, Massachusetts, and was founded in 2013. The company develops AI-powered security screening systems designed to detect weapons and threats while allowing efficient pedestrian flow in high-traffic environments such as stadiums, arenas, and public venues.
9. Upstart Holdings, Inc. (NASDAQ:UPST)
Market Capitalization: $3.10 billion
On June 9, Jefferies raised its price target on Upstart Holdings, Inc. (NASDAQ:UPST) to $30 from $27 while maintaining a Hold rating on the shares. The firm noted that discussions with Upstart’s newly appointed CFO provided additional insight into the company’s strategic priorities, including a renewed focus on its core non-prime lending segment, developments in new product verticals, and updates on its bank charter progress. Jefferies also highlighted that management remains focused on optimizing operating expenses while refining its AI-driven lending platform. The analyst adjusted estimates and valuation assumptions based on updated monthly origination data and management commentary.
On June 8, Bank of America raised its price target on Upstart Holdings, Inc. to $37 from $36 while maintaining a Neutral rating. The firm reported strong momentum in May originations, which increased 14% month-over-month and 52% year-over-year, signaling improving demand and supporting higher near-term revenue expectations. Based on this performance, Bank of America raised its second-quarter origination estimate to $4.1 billion and also increased its earnings per share forecasts for 2026 and 2027, reflecting stronger operational leverage and improving credit performance trends.
Upstart Holdings, Inc. is a cloud-based artificial intelligence lending platform headquartered in San Mateo, California, and founded in 2012. The company partners with banks and credit unions to use machine learning and non-traditional data points to assess credit risk, expand lending access, and improve loan approval efficiency across consumer credit markets.
8. Innodata Inc. (NASDAQ:INOD)
Market Capitalization: $3.12 billion
On June 15, BWS Financial raised its price target on Innodata Inc. (NASDAQ:INOD) to $140 from $110 while maintaining a Buy rating on the shares. The firm increased its long-term projections after concluding that the company’s current growth trajectory of at least 40% annually could remain sustainable through 2027 and potentially beyond. According to the analyst, Innodata has successfully transformed itself from a largely commoditized service provider into a mission-critical partner within the artificial intelligence ecosystem. BWS Financial noted that the company now occupies a central role in ensuring the quality and reliability of the data used to train increasingly sophisticated AI models, a capability that is becoming more valuable as AI adoption accelerates.
Previously, on June 5, Wedbush analyst Daniel Ives raised his price target on Innodata Inc. to $120 from $100 and maintained an Outperform rating. The firm cited growing confidence in Innodata’s ability to deliver sustained revenue expansion throughout fiscal 2026 and beyond. Wedbush believes the company’s products and services have become essential components of the AI development process, helping customers prepare and refine the datasets required to support next-generation artificial intelligence applications. As demand for advanced AI systems continues to increase, the firm expects Innodata’s strategic importance to strengthen further.
Innodata Inc. is a global data engineering company headquartered in Ridgefield Park, New Jersey, and founded in 1988. The company specializes in preparing, enriching, and optimizing data for artificial intelligence and generative AI applications. Its solutions help organizations improve the accuracy, performance, and scalability of AI models by providing high-quality training and operational datasets.
7. D-Wave Quantum Inc. (NYSE:QBTS)
Market Capitalization: $9.15 billion
On June 1, Roth Capital raised its price target on D-Wave Quantum Inc. (NYSE:QBTS) to $40 from $30 while maintaining a Buy rating on the shares. The firm highlighted strong investor engagement at the company’s first analyst day, noting that management expressed high confidence in D-Wave’s competitive positioning within the quantum computing sector. According to Roth Capital, the company emphasized its differentiation through real-world enterprise adoption and hardware deployments that demonstrate measurable commercial value. The analyst added that D-Wave’s focus on delivering practical customer outcomes continues to distinguish it from peers in the emerging quantum computing industry, supporting a more optimistic long-term outlook.
Earlier that same day, D-Wave Quantum Inc. announced a new gate-model roadmap aimed at advancing the development of fault-tolerant quantum computing systems. The company outlined a target of 100 logical qubits capable of performing more than one million operations by 2032, combining its expertise in dual-rail qubits, quantum error correction, and superconducting system design. This roadmap reflects D-Wave’s broader strategy of scaling its technology toward commercially viable, large-scale quantum computing applications.
D-Wave Quantum Inc. is a quantum computing company headquartered in Boca Raton, Florida, and founded in 1999. The company develops both quantum annealing and gate-model systems designed to solve complex optimization and machine learning problems across industries such as logistics, finance, and artificial intelligence.
6. Applied Digital Corporation (NASDAQ:APLD)
Market Capitalization: $13.31 billion
On June 9, Craig-Hallum raised its price target on Applied Digital Corporation (NASDAQ:APLD) to $79 from $75 while maintaining a Buy rating following the company’s announcement of another major lease agreement with a U.S.-based investment-grade hyperscale customer. The firm stated that it continues to be impressed by Applied Digital’s ability to generate recurring demand for its infrastructure assets, noting that the company has now secured five large leases and approximately 1.4 gigawatts of contracted capacity. Craig-Hallum believes the latest agreement further validates management’s strategy of developing high-capacity data center infrastructure tailored to the needs of hyperscale customers operating in artificial intelligence and cloud computing markets.
Earlier the same day, Lake Street increased its price target on Applied Digital Corporation to $90 from $70 and reiterated a Buy rating on the shares. According to the firm, the company’s third contract with a U.S.-based hyperscaler is expected to contribute approximately $5.2 billion in revenue, lifting total contracted revenue to roughly $36 billion, or about $2.4 billion annually. The analyst emphasized that this marks the fifth significant lease secured within less than a year and follows closely behind the Polaris Forge 3 agreement announced in May. Lake Street characterized the pace of contract activity as strong evidence of accelerating commercial momentum and growing demand for Applied Digital’s infrastructure platform.
Applied Digital Corporation is a digital infrastructure company headquartered in Dallas, Texas, and founded in 2021. The company designs, develops, and operates next-generation data centers and high-performance computing facilities that support artificial intelligence, cloud computing, and blockchain applications.
5. IonQ, Inc. (NYSE:IONQ)
Market Capitalization: $21.11 billion
On June 17, IonQ, Inc. (NYSE:IONQ) announced Clavis XG Multiplex, the latest addition to its Clavis XG Quantum Key Distribution portfolio, designed to make quantum security more practical and scalable across metropolitan fiber networks. The new solution enables organizations to deploy advanced, physics-based key distribution technology on existing network infrastructure without requiring costly network redesigns or dedicated optical systems. By allowing enterprises to strengthen data security while continuing broader post-quantum cryptography migrations, Clavis XG Multiplex offers a lower-cost and more accessible approach to mitigating long-term cybersecurity risks. The launch further expands IonQ’s growing portfolio of quantum security and post-quantum cryptography solutions.
Earlier, on May 22, B. Riley highlighted IonQ’s strong financial position and federal engagement despite the company’s absence from the Department of Commerce’s letters of intent issued to several quantum technology firms. The firm noted that IonQ, Inc. possesses approximately $3.3 billion in available funding and maintains extensive commercial and government relationships. B. Riley also pointed to the company’s participation in the Defense Advanced Research Projects Agency’s Heterogeneous Architectures for Quantum initiative and its pending acquisition of SkyWater’s foundry assets as evidence that IonQ’s federal strategy remains focused on defense and intelligence opportunities rather than CHIPS Act funding programs.
IonQ, Inc. is a pure-play quantum computing company headquartered in College Park, Maryland, and founded in 2015. The company develops general-purpose trapped-ion quantum computers and related technologies designed to solve complex computational problems across industries, including cybersecurity, defense, healthcare, and financial services.
4. Cerebras Systems Inc. (NASDAQ:CBRS)
Market Capitalization: $51.54 billion
On June 9, Craig-Hallum initiated coverage of Cerebras Systems Inc. (NASDAQ:CBRS) with a Buy rating and a $325 price target, citing the company’s leadership in high-speed artificial intelligence inference computing. The firm emphasized that demand for faster AI processing continues to intensify, with major technology players such as OpenAI and Amazon Web Services increasingly turning to Cerebras for performance advantages. According to the analyst, the company’s wafer-scale computing architecture provides a durable technological edge that significantly enhances processing speed and efficiency compared to conventional GPU-based systems, positioning it favorably within the rapidly evolving AI infrastructure market.
Earlier, on June 8, Wedbush initiated coverage of Cerebras Systems Inc. with an Outperform rating and a $270 price target. The firm described Cerebras as the only company to successfully commercialize wafer-scale AI silicon at scale, noting that its technology arrives at a critical inflection point as the industry shifts from training-focused workloads toward inference-driven applications. Wedbush highlighted Cerebras’ differentiated architecture and growing contracted revenue base, particularly its engagements with leading hyperscale customers, as key factors supporting its long-term growth potential.
Cerebras Systems Inc. is headquartered in Sunnyvale, California, and was founded in 2015. The company designs and manufactures wafer-scale processors and AI supercomputers engineered to accelerate both training and inference workloads for artificial intelligence applications across enterprise and research environments.
3. Rocket Lab Corporation (NASDAQ:RKLB)
Market Capitalization: $62.08 billion
On June 14, KeyBanc upgraded Rocket Lab Corporation (NASDAQ:RKLB) to Overweight from Sector Weight and assigned a $135 price target, citing what it views as attractive opportunities emerging across the commercial space industry. The firm noted that investor sentiment toward the sector had weakened following the SpaceX initial public offering-related selloff, creating potential entry points in companies with strong competitive positions. KeyBanc highlighted accelerating NASA activity at a pace not seen since the Apollo era and emphasized that launch capacity remains structurally constrained despite rapidly expanding demand for satellites and space-based applications. The firm expressed a preference for well-capitalized space companies aligned with national security and NASA priorities, identifying Rocket Lab as one of its favored investments in the sector.
Earlier, on June 11, KGI Securities initiated coverage of Rocket Lab Corporation with a Neutral rating and a $105 price target. While the firm adopted a more balanced stance on the shares, the initiation reflected growing institutional interest in the company as it continues to expand its capabilities across launch services, spacecraft systems, and satellite infrastructure.
Rocket Lab Corporation is a space technology company headquartered in Long Beach, California, and founded in 2006. The company designs and manufactures rockets, spacecraft, and satellite components while providing dedicated launch services for small and medium-sized payloads.
2. CoreWeave, Inc. (NASDAQ:CRWV)
Market Capitalization: $64.35 billion
On June 15, Cantor Fitzgerald reiterated its Overweight rating and $167 price target on CoreWeave, Inc. (NASDAQ:CRWV), following the company’s disclosure of additional details within its bond offering memorandum that the firm believes equity investors have largely overlooked. According to the analyst, CoreWeave’s reported run-rate EBITDA based on signed contracts provides valuable insight into the pace of contract wins and backlog expansion during the quarter. Cantor Fitzgerald believes the company is positioned to significantly exceed consensus backlog expectations for the second quarter of 2026, potentially matching nearly $40 billion in new contract activity achieved during the prior quarter. The firm also estimates that CoreWeave has already secured approximately 90% of its targeted $30 billion annual recurring revenue objective for 2027, strengthening confidence in the company’s growth trajectory.
Earlier, on June 2, BNP Paribas initiated coverage of CoreWeave, Inc. with an Outperform rating and a $192 price target. The firm described CoreWeave as one of the most strategically important participants in the artificial intelligence infrastructure landscape, highlighting its role as a preferred cloud partner for many leading AI developers. BNP Paribas also emphasized the company’s differentiated software and cloud technology stack, which it believes provides a competitive advantage in serving the rapidly growing computational requirements of advanced AI models.
CoreWeave, Inc. is an AI-focused hyperscale cloud infrastructure provider headquartered in Livingston, New Jersey, and founded in 2017. The company delivers high-performance computing resources to artificial intelligence developers, research organizations, and major technology companies that require large-scale computing power to train and deploy advanced AI systems.
1. Nebius Group N.V. (NASDAQ:NBIS)
Market Capitalization: $72.79 billion
On June 16, Nebius Group N.V. (NASDAQ:NBIS) announced the completion of its acquisition of Eigen AI. The transaction was originally announced on May 1, 2026, and closed on June 10 after receiving the necessary regulatory approvals and satisfying customary closing conditions. The acquisition is expected to strengthen Nebius’ AI software and infrastructure capabilities as demand for large-scale AI computing continues to accelerate.
Previously, on June 8, BofA analyst Tal Liani raised the firm’s price target on Nebius Group N.V. to $280 from $240 and maintained a Buy rating. The analyst cited strengthening demand for AI compute capacity and the growing strategic importance of the company’s software stack as key drivers of the more bullish outlook.
Headquartered in Amsterdam, Netherlands, and established in 2024 following the restructuring of Yandex, Nebius Group N.V. is a vertically integrated AI cloud infrastructure company. The firm provides NVIDIA-powered GPU clusters, cloud platforms, and AI development tools designed to support startups, enterprises, and foundation model developers building next-generation artificial intelligence applications.
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