Billionaire Ken Fisher’s Latest Portfolio: 10 Best AI Stocks to Buy

In this article, we will discuss Billionaire Ken Fisher’s Latest Portfolio: 10 Best AI Stocks to Buy.

Despite the panic around an AI bubble, many investors are taking a long-term view and dismissing market skepticism. Billionaire Ken Fisher said in February that when everyone is talking about a bubble and expressing fear, it is often not actually a bubble. On his YouTube channel, Fisher explained that his more than 50 years of experience have taught him that a bubble occurs when money flows into areas where it won’t come back. In contrast, he said, AI is real, and most companies investing in it are already generating revenue and cash flow from their AI initiatives.

“When people talk about a bubble in advance, before the bubble bursts, it’s almost never a bubble,” Fisher said. “Bubbles require huge investments in things that can’t pay off, while everybody believes that they will. AI is real. Most, not all, of the money that’s going into AI development is going into it by companies that are making money and paying for it out of their cash flow. The reality is—well, there’s a little bit of leverage here and a little bit of leverage there, That’s true throughout the commercial world. It’s not different with AI. “

Fisher called market skepticism and fears around the potential AI bubble “nonsensical fearful talk” and said this could actually point to a positive signal for stocks in the long term.

For this article, we scanned billionaire Ken Fisher’s fund portfolio as of the fourth quarter and picked his top 10 AI-related stock holdings in terms of stake value. 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 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).

10. Oracle (NYSE:ORCL)

Billionaire Ken Fisher’s Stake: $1.81 billion

Oracle (NYSE:ORCL) shares are down about 25% so far this year, but some analysts believe the stock can rebound and reward patient investors. The company has a record $553 billion backlog in Remaining Performance Obligations, mostly from multi-year cloud infrastructure contracts (OCI), ERP, CRM, and Cerner healthcare software, giving earnings visibility for the next 18 months.

Oracle (NYSE:ORCL) has successfully transitioned from legacy software to a modern AI cloud leader, with OCI growing 44–84%, high client retention of 96%, and multi-cloud partnerships with Microsoft Azure and AWS helping capture enterprise customers.

Oracle’s (NYSE:ORCL) cloud services revenue now accounts for over half of total sales, and operational efficiency is high, generating $445,000 per employee, 15% above the industry average. Pricing power remains strong, with service fee hikes offsetting AI hardware costs, keeping non-GAAP operating margins at 43%.

Ariel Focus Fund stated the following regarding Oracle Corporation (NYSE:ORCL) in its Q4 2025 investor letter:

Finally, global leader in enterprise software, Oracle Corporation (NYSE:ORCL) underperformed on mixed quarterly results, missing on revenue but beating earnings expectations due to gains from its divestiture of Ampere. While near-term upside was limited, cloud momentum remains strong with Oracle Cloud Infrastructure (OCI) continuing to grow rapidly and showing early signs of acceleration in its database and application businesses. Management reaffirmed its long-term growth outlook and increased investment in AI infrastructure, positioning Oracle as a key player in the ongoing AI platform shift. Despite margin pressure and uncertainty around financing for its large-scale AI commitments, we believe Oracle’s expanding backlog, multi-cloud deployments, and full-stack capabilities underscore its competitive advantage. While shares may remain range-bound in the near term, we believe current infrastructure investments will pave the way for meaningful earnings growth over time.

9. Meta Platforms (NASDAQ:META)

Billionaire Ken Fisher’s Stake: $4.36 billion

Wall Street has been spooked by Meta Platforms’ (NASDAQ:META) massive AI spending, but many overlook the results it is generating. The company’s AI-driven Advantage+ suite is now handling over $60 billion in annualized ad spend.

For the first quarter of 2026, Meta expects $53.5 billion to $56.5 billion in revenue,  ahead of analyst estimates of $51.41 billion. Meta Platforms (NASDAQ:META) is also planning to reduce its reliance on Nvidia chips by accelerating the deployment of its own custom silicon, the Meta Training and Inference Accelerator (MTIA), to lower long-term compute costs. Meta Platforms (NASDAQ:META) is down 11% so far this year, and its forward P/E is now 20x, down from its historical average of 25.5x and lower than major Magnificent Seven peers and the broader industry average for high-growth tech.

Harding Loevner Global Equity Strategy stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its fourth quarter 2025 investor letter:

“Meta Platforms, Inc.’s (NASDAQ:META) business remained sturdy, markets began questioning whether AI-enabled gains in user engagement and ad targeting are nearing their limits. Investors also grew concerned that margins would decrease next year because of increased spending on AI infrastructure and workers.”

8. Broadcom Inc. (NASDAQ:AVGO)

Billionaire Ken Fisher’s Stake: $4.79 billion

Broadcom Inc. (NASDAQ:AVGO) ranks 8th in our list of the best AI stocks to buy according to billionaire Ken Fisher.

Companies are racing to sign multi-year AI chip contracts with Broadcom Inc. (NASDAQ:AVGO). Recent deals include hyperscaler commitments from Google, Meta, and TikTok/ByteDance. What’s special about Broadcom Inc. (NASDAQ:AVGO) is its ability to deliver custom, workload-specific silicon that general-purpose GPUs cannot match.

Broadcom Inc’s (NASDAQ:AVGO) moat is strong because there are only a few companies capable of delivering high‑performance custom chips tailored for large‑scale AI workloads, and that specialization delivers real economic advantages. While Nvidia’s GPUs dominate general‑purpose AI compute, Broadcom designs application‑specific ASICs and XPUs that hyperscalers prefer for massive inference tasks because they can reduce total cost of ownership by roughly 40–60% compared with GPU clusters, especially in steady, predictable production environments.

According to a Deloitte report, the custom AI chip market is expected to exceed $50 billion in 2026, driven by a shift in workloads from training to inference, which will account for roughly two-thirds of all compute that year. While lighter inference tasks can be handled on PCs and smartphones with onboard accelerators, enterprise and hyperscale workloads still require high-performance, custom-designed chips to efficiently manage post-training and test-time scaling.

Analysts and industry reports also suggest that deploying Broadcom Inc’s (NASDAQ:AVGO) custom silicon at scale can save companies billions in upfront capital expenditures and cut electricity costs by about half, due to the chips’ much lower power draw and higher performance per watt.

Emerald Wealth Partners Focused Equity Strategy stated the following regarding Broadcom Inc. (NASDAQ:AVGO) in its fourth quarter 2025 investor letter:

“We took advantage of a consolidation in Broadcom Inc.’s (NASDAQ:AVGO) stock price to initiate a position. Its semiconductor design unit has a dominant position in custom chips (ASICs). Broadcom caters for cloud hyperscalers and companies building LLMs that seek to design their own chips. The idea is to create chips designed to efficiently process the specific workload they need and cut their reliance on general purpose units (GPUs) that are very flexible but expensive.

GPUs remain indispensable in training new AI models. But as AI use expands, the scale of the infrastructure required to process user prompts will grow exponentially. Running these models using GPU chips that can cost US$60,000 per unit is not economically sustainable. Broadcom has demonstrated its capabilities in the field as it designed Google’s Tensor Processing Units (TPUs). Alphabet has used TPUs to run search queries since 2015 and now to run inference of the Gemini LLM. Given the cost advantage it gives Alphabet, every large GPU customer is incentivized to design its own ASICs. Down the line it may well be a matter of survival. Since such endeavors are a long journey and require considerable resources, it seems likely most will favor the semiconductor design partner with the most proven experience in the field (i.e. Broadcom) to ensure faster results and minimize the risk of failure.

Broadcom’s other businesses are developing well too. Demand for its networking equipment is strong thanks to the dynamic data center build-up. Fragmentation of the IT hardware environment provides a good fundamental backdrop for VMWare, the virtualization software business Broadcom acquired in 2024.”

7. ASML Holding (NASDAQ:ASML)

Billionaire Ken Fisher’s Stake: $4.80 billion

ASML Holding (NASDAQ:ASML) has a near‑total monopoly in the critical lithography industry. It is the only company in the world that commercially produces extreme ultraviolet (EUV) lithography systems, which are essential for manufacturing the most advanced semiconductor chips at nodes below ~5 nm.

Why is no one else competing with ASML Holding (NASDAQ:ASML)? The barriers to entry are enormous: building EUV tools requires multi‑billion‑euro investments and a deep ecosystem of suppliers and proprietary knowledge accumulated over decades. No alternative lithography technology has reached commercial viability that can replace EUV at leading-edge nodes, leaving ASML with a de facto global monopoly.

ASML Holding’s (NASDAQ:ASML)  backlog has grown meaningfully. At the end of 2025, ASML reported an order backlog of €38.8 billion, up from a backlog level of €35.9 billion at the end of 2024. 2026 guidance shows continued revenue growth. Earlier this year, ASML Holding (NASDAQ:ASML) raised its 2026 revenue guidance to €34–39 billion, up from its previous forecast of flat-to-higher sales versus 2025’s €32.7 billion, implying a potential growth of 4% to 19% year-over-year, driven by strong AI chip demand and production expansions at major customers including TSMC, Samsung, Micron, and SK Hynix. ASML ranks seventh in our list of the best AI stocks to buy according to billionaire Ken Fisher.

Major customers for ASML Holding (NASDAQ:ASML) include the world’s largest semiconductor manufacturers — TSMC, Samsung, Intel, and SK hynix — all of which depend on ASML’s lithography systems.

Polen International Growth Strategy stated the following regarding ASML Holding N.V. (NASDAQ:ASML) in its fourth quarter 2025 investor letter:

“Finally, ASML Holding N.V. (NASDAQ:ASML) delivered another solid quarter as semiconductor capital equipment (“semi-cap”) companies continue to benefit from investor optimism around AI. Simply stated, advanced chips sit at the epicenter of everything AI related and ASML’s equipment is essential to printing advanced logic and volatile memory chips. Concerns about a slowdown in the memory chip industry and about Intel’s business waned in the quarter, which helped ignite semi-cap stocks.”

6. Taiwan Semiconductor (NYSE:TSM)

Billionaire Ken Fisher’s Stake: $5.51 billion

Taiwan Semiconductor’s (NYSE:TSM) moat comes from its leadership in advanced semiconductor manufacturing, where it controls about 70% of the global foundry market and a major chunk of of advanced chip production at 7nm and below, making it the primary manufacturer for key chip designers, including Apple, Nvidia, AMD and Qualcomm. Unlike Nvidia, which designs AI processors, Taiwan Semiconductor (NYSE:TSM) produces the physical chips using extremely expensive fabrication facilities that can cost $15B–$25B each and rely on specialized EUV machines costing about $150M per unit. This business has very high barriers to entry, limiting serious competition mainly to Samsung and Intel. Because chip designs are optimized for a specific manufacturing process, switching foundries involves high cost and risk, strengthening customer lock-in and reinforcing Taiwan Semiconductor’s (NYSE:TSM) long-term competitive advantage.

In smartphones, Taiwan Semiconductor (NYSE:TSM) is the exclusive manufacturer of Apple’s A-series and M-series chips, while supporting 5G adoption and premium device performance. TSMC’s automotive segment is another growth driver. It makes nodes that serve EVs, ADAS, infotainment, and power management systems. The global automotive semiconductor market is projected to grow from $77  billion in 2025 to about $133 billion by 2030. TSM ranks sixth in our list of the best AI stocks to buy according to billionaire Ken Fisher.

Magellan Global Fund stated the following regarding Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its fourth quarter 2025 investor letter:

“The largest contributors to the portfolio’s performance over the quarter were Alphabet, Amazon and Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM). TSMC performed strongly, closing at record highs on continued strength in demand for semiconductors, including for AI applications, which CEO C.C. Wei described as “insane”. TSMC, having cemented their dominant position at the leading edge, have begun mass production of 2nm chips using the new Gate All Around transistor architecture during the quarter. We continue to view TSMC as well-positioned to benefit from rising compute intensity, with the market having an increased appreciation of their agnostic position with respect to potential shifts in market share of AI chip designers.”

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