14 AI Stocks Making Moves on Wall Street: Nvidia, Micron, and More

In this article, we look at 14 AI Stocks Making Moves on Wall Street.

A top equity strategist at Goldman Sachs believes AI investment will remain the top driver of S&P 500’s earnings growth in the second quarter. The S&P 500 Q2 earnings are projected to grow 22%, largely led by AI infrastructure.

The overall earnings season may not be as strong as the first quarter, strategist Ben Snider believes, but an impressive profit growth tied to the AI theme is still on the horizon.

Nvidia and Micron alone are expected to account for roughly 40% of total earnings growth. Snider further anticipates the broader AI infrastructure complex to contribute nearly two- thirds of the S&P 500’s 22% earnings growth.

Only about top 10 contributing stocks are likely to account for almost 75% of the earnings growth, an implication of how profit growth remains limited to a small group of AI-related companies.

“We expect Q2 reports will reveal another quarter of strong earnings growth, supported by a solid macro backdrop and the ongoing AI investment boom,” Snider wrote in a note on Monday.

“AI infrastructure stocks are expected to contribute nearly 60% of S&P 500 EPS growth this quarter,” he added. “The top 10 contributing stocks are expected to account for nearly 75% of aggregate S&P 500 earnings growth.”

Against this backdrop, lets look at some of top AI stocks making moves on Wall Street.

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 2026.

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’s 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).

14. Space Exploration Technologies Corp. (NASDAQ:SPCX)

Number of Hedge Fund Holders: –

On June 26, Argus initiated SpaceX as “Hold,” citing concerns over valuation and volatility.

We are initiating coverage of Space Exploration Technologies Corp. (Nasdaq: SPCX) with a HOLD rating.

The firm noted how SpaceX’s IPO valuation implies a high price-to-sales multiple of an estimated 95 times 2025 revenues. Even though the company is growing, it is not yet profitable. It believes that SPCX may take years before its multiple achieves normal levels.

While growing at the top-line level, the company is not yet consistently profitable, as its operating plan combines characteristics of both a mature infrastructure business and a venture-style growth investment. Thus, we think it will likely be years before SPCX’s multiples land at more normal levels.

The firm also said that the shares have been volatile and are likely to remain so for some time. This is due to a tight share supply and early inclusion in many major equity indices.

We may look to upgrade the stock if it falls sharply on nonfundamental factors or if revenues and earnings accelerate at a faster-than-expected pace.

Space Exploration Technologies Corp. primarily provides satellite-based broadband services. However, its businesses also span rocket launch services, satellite internet and connectivity, artificial intelligence (AI), and cloud computing.

13. Penguin Solutions, Inc. (NASDAQ: PENG)

Number of Hedge Fund Holders: 22

On June 25, Penguin Solutions announced an updated version of its ClusterWareAI operating system software, its specialized AI Factory Platform operating system and infrastructure management software. The three new updates include an AI-powered operations agent, automated GPU remediation for Kubernetes workloads, and expanded hardware health monitoring.

The new updates will allow AI operators to optimize AI factory performance, improve workload resilience, and simplify operations across the entire AI factory.

The new AI Factory Operations Agent offers a conversational interface that lets administrators ask about GPU-cluster performance using natural language. The agent helps to speed up root cause analysis, restructure troubleshooting, and cut reliance on specialized expertise for faster issue resolution and operational efficiency.

The updated software is  now able to fix more issues in Kubernetes-based inference environments and expands hardware-level monitoring to ensure only peak performing GPUs are used for inference tasks. The release also accounts for detection of “fail-slow” conditions. This is where hardware components degrade without fully failing, enabling consistent GPU utilization.

At scale, AI infrastructure demands a new level of operational intelligence. This release advances our vision of intelligent, self-managing AI infrastructure through AI-driven operations, automated remediation, and deep infrastructure awareness.

-Ian Colle, SVP and Chief Product Officer at Penguin Solutions.

Penguin Solutions Inc. (NASDAQ:PENG) builds and sells enterprise solutions worldwide.

12. ON Semiconductor Corporation (NASDAQ:ON)

Number of Hedge Fund Holders: 58

Recently, ON Semiconductor was in the news related to announced plans for buying Synaptics,  an American neural network technologies and computer-to-human interface devices development company, for an estimated $7 billion, its largest acquisition ever. However, one Wall Street firm isn’t enthusiastic about it.

On June 26, TD Cowen analyst Joshua Buchalter downgraded the stock from Buy to Hold with a price target of $110.00. The firm is negative on the said acquisition, believing that it is going to add complexity and distract it from the core auto/DC growth story.

We downgrade ON to Hold following its announced plans to acquire Synaptics. We believe in the organic auto/DC growth and cap return story but think the deal adds complexity to an already complicated model reliant on loadings to drive EPS. +>100% YTD and at ~25x our 2027E, we think shares are fairly valued. We look forward to the Sept AD for more details on onsemi’s long-term vision. Hold, $110 PT.

Considering the growing edge in Synaptic’s AI/Robotics business, the firm sees the deal as a distraction for onsemi investors away from its main automotive and data center growth strategy. It believes that the deal will “muddy” the narrative due to Synaptic’s exposure to “consumer and wireless markets.”

We think onsemi’s lack of MCU/SoC processing expertise has been a gap in the portfolio versus peers, but we worry Synaptics’ NPU processors—largely targeting edge and embedded AI applications—may be too niche of an asset to serve as onsemi’s beachhead to compete with tenured diversified players that are not sitting idly.

ON Semiconductor Corporation (NASDAQ:ON), founded in 1999 and headquartered in Scottsdale, Arizona, delivers intelligent power and sensing solutions, serving automotive and industrial markets.

11. International Business Machines Corporation (NYSE:IBM)

Number of Hedge Fund Holders: 59

On June 26, Deloitte, IBM and Red Hat’s Lightwell announced a joint collaboration aiming to address vulnerabilities in open source software supply chains as artificial intelligence makes cyber-attacks faster and more automated.

Together, the three organizations will be able to offer their customers four areas of coverage. These include continuous mapping and scanning of software components; prioritizing active threats according to severity and exploitability; automated patch validation and deployment; as well as compliance reporting for boards, auditors, and regulators.

Deloitte will serve as an integration collaborator for Lightwell, adding its cyber-risk services, software supply-chain architecture, and engineering support to the large-scale enterprise open source security model deployed by IBM and Red Hat.

Lightwell will be contributing to the collaboration by decoupling open source software security remediation from the traditional software upgrade cycle. In simpler words, it will be able to fix vulnerabilities without the need for disruptive upgrades.

According to Savio Rodrigues, Vice President of Service Partners at IBM, the initiative will enable bringing together the “engineering, automation, and ecosystem partnerships needed to tackle this risk at scale.”

Separately, on June 25, IBM unveiled a major semiconductor technological advancement by introducing the world’s first sub-1 nanometer (nm) chip technology. Featuring a revolutionary transistor architecture at the 0.7 nm, or 7 angstrom node, the announcement comes at a time when chipmakers are racing to pack more computing power into smaller spaces and handle increasingly demanding AI workloads.

According to the company, their 0.7-nanometer chip packs nearly 100 billion transistors onto a fingernail-sized surface. This is about twice the density of its 2-nanometer chip unveiled back in 2021, with 50% higher performance or 70% greater energy efficiency.

International Business Machines Corporation (NYSE:IBM) is a multinational technology company and a pioneer in artificial intelligence, offering AI consulting services and a suite of AI software products.

10. American Tower Corporation (NYSE: AMT)

Number of Hedge Fund Holders: 69

One Wall Street firm has recently assumed coverage on American Tower, citing it as one of the best positioned stock in its peer group with a clear path toward high single-digit AFFO growth. On June 26, Goldman Sachs analyst Michael Ng assumed coverage on American Tower with a Buy rating and a $215 price target.

We assume coverage of American Tower (AMT) with a Buy rating and a 12-month target price of $215. American Tower is the leading global operator of tower assets.

AMT also recently resolved its Echostar contract dispute, removing an estimated 2% of consolidated property revenue and 4% of US and Canada property revenue from its 2026 outlook. Despite this reduction, the firm still believes that AMT has a solid path to growth.

This optimism around AMT’s growth is backed by its faster growth in international markets, its accelerating data center business, and cost-efficiency business.

In our view, AMT is the best-positioned stock in the US tower group given its diversified revenue base, data center exposure, and capital allocation flexibility now that the company’s leverage (4.9x as of 1Q26) is within the company’s target range of 3-5x.

While primarily a Real Estate Investment Trust (REIT) that owns and operates tens of thousands of cell towers, American Tower Corporation (AMT) has been expanding its data center operations as demand tied to AI workloads and multicloud deployments increases.

9. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 71

While Qualcomm’s expanding data-center revenue opportunity makes it difficult to remain bearish, one investment firm remains skeptical due to its product roadmap and competitive positioning. On June 25, Morgan Stanley upgraded Qualcomm to Equal-weight from Underweight and increased its price target to $231 from $146.

According to the firm, QCOM’s $5 billion in FY27 guidance for data center lands the company into the “data center winner” category. However, the $15 billion figure by FY29 is also surprising but less certain.

The $5 billion figure seems closer to reality, which makes it difficult to argue against the stock. While QCOM’s future product roadmap is still not clearly understandable, the revenue opportunity and overall strength in AI remains robust.

In particular, Morgan Stanley talked about QCOM’s accelerator opportunity which the company may start generating meaningful revenue from in the second half of fiscal 2027. The firm will wait for its show me moment before becoming strongly optimistic.

QCOM also seems to be behind competitors, such as Cerebras and Nvidia.

Qualcomm seems well behind other approaches – Cerebras, who is in the market now, and NVIDIA’s LPUs ramping later this year, and several startups all seem to be productizing well before Qualcomm, and we feel like we need to get customer validation before underwriting big numbers here.

The firm ended its investor note by stating how Microsoft’s comments were a positive proof point, but they look like a possible future collaboration instead of a firm commitment.

QUALCOMM Incorporated (NASDAQ:QCOM) develops and commercializes foundational technologies for the wireless industry.

8. Dell Technologies Inc. (NYSE:DELL)

Number of Hedge Fund Holders: 72

Even though near-term tailwinds exist for Dell Technologies, one analyst firm believes that its current valuation and long-term competitive risks leave little room for upside. On June 25, GF Securities analyst Jeff Pu downgraded the stock from Buy to Hold without a price target.

Dell’s share price has rallied over 200% since F4Q26 results, driven by AI backlogs and general server strength. While recent GB300/HGX orders influx provide near-term tailwinds for this year, we see limited upside amid already elevated expectations.

The firm believes that investor expectations regarding the potential increase in Dell’s AI revenue to $70 billion and related improvement in revenue and EPS are already reflected.

Meanwhile, there are longer term risks to Dell’s current position. For instance, SpaceX’s next GW deployment is expected in 2027, with SMCI expected to gain share. Moreover, both SpaceX and CoreWeave are evaluating ODM-direct model.

The firm believes that these events may impact Dell’s current leading positioning as a primary supplier to SPCX and exclusive to CRWV.

We revise our EPS estimates by +3%/-3% in FY27E/FY28E. At >20x consensus FY28E EPS (or SOTP of 25x AI and 15x core business), we think the risk-reward is uncompelling. Accordingly, we downgraded the stock to Hold.

Dell Technologies Inc. (NYSE:DELL) is a global technology company that develops and sells laptops, personal computers, networking equipment, servers, data storage systems, and related software and services.

7. Palo Alto Networks, Inc. (NASDAQ:PANW)

Number of Hedge Fund Holders: 87

Robust revenue/ ARR beats in its fiscal Q3 2026 results have recently led Wall Street to reaffirm its positive rating on Palo Alto Networks. On June 26, Cantor Fitzgerald analyst Jonathan Ruykhaver reiterated an Overweight rating and $340.00 price target on the stock.

Revenue beat consensus by 2.0%, above the 0.4% and 0.6% beats in the prior two April quarters; NGS ARR beat by 1.9%, up 1 point from last April quarter. Organic NNARR of $370M was a solid signal that platform momentum extends beyond inorganic contribution.

Besides the revenue beat and robust NNARR, the firm also highlighted strong momentum in the company’s AI-security and observability business. Prisma AIRS customers increased from the previous quarter to 300, with the company expected to surpass more than $100 million in ARR over the next two quarters.

Chronosphere observability ARR also surpassed $300M, with much of this growth driven by a major AI frontier lab relationship that now exceeds $200M ARR.  Cantor noted that because the company has two of the top five major frontier AI labs as customers and a consumption-based billing model, observability ARR is likely to “be lumpier than the rest of NGS ARR.”

Palo Alto Networks, Inc. (NASDAQ:PANW) is a leading cybersecurity company that provides a range of products, including firewalls, malware protection, and cloud security.

6. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 123

On June 26, Morgan Stanley reiterated the stock as equal weight, stating how it anticipates robust delivery numbers from Tesla the following week. The firm cited stronger-than-expected sales trends in Europe and China. However, it remains cautious on the electric vehicle maker’s energy storage business.

We are increasing our 2Q Tesla delivery estimates to 413K units, from 373K, supported by stronger regional sales trends.

The firm left its $415 price target unchanged due to its cautious stance on Tesla’s energy storage deployments.

Tesla, Inc. (NASDAQ:TSLA) is an automotive and clean energy company that leverages advanced artificial intelligence in its autonomous driving technology and robotics initiatives.

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