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. (NASDAQ:EVLV) 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. (NASDAQ:EVLV) 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. (NASDAQ:UPST) 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. (NASDAQ:UPST) 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. (NASDAQ:INOD) 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. (NASDAQ:INOD) 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. (NYSE:QBTS) 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. (NYSE:QBTS) 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 (NASDAQ:APLD) 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 (NASDAQ:APLD) 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.

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