BlackRock’s 30 Most Important AI Stocks Right Now

23. Onto Innovation Inc. (NYSE:ONTO)

Weight in ARTY ETF: 1.10%

Number of Hedge Fund Holders: 67

Onto Innovation Inc. (NYSE:ONTO) is one of BlackRock’s 30 most important AI stocks right now.

On June 29, Cantor Fitzgerald increased the firm’s target price on Onto Innovation Inc. (NYSE:ONTO) from $350 to $410, while maintaining an Overweight rating on the stock. Cantor believed that this infrastructure buildout related to Artificial Intelligence represents a generational cycle for the semiconductor space, which will be long-lasting and will persist due to continuing supply chain constraints.

The firm also noted that overall broader revenues across the semiconductor industry will grow at a quicker rate than was previously estimated. It projects those figures to approximately $3 trillion by calendar year 2029, with the possibility to exceed $3.5 trillion by the end of calendar year 2030.

Back on June 14, Shane Brett from Morgan Stanley initiated his coverage of Onto Innovation Inc. (NYSE:ONTO) with a $371 target price and an Overweight rating. He said that the company provides one of the strongest opportunities in spectroscopic ellipsometry.

The analyst projected that Onto’s advanced node revenue will grow at 30% during 2026, exceeding the 27% growth of wafer fab equipment. For the company’s specialty device and advanced packaging business, he projected topline growth of 46% in 2026 and 38% in 2027, driven by Dragonfly G5.  Brett expects upside to consensus forecasts and sees the possibility of several re-ratings of the stock.

BlackRock is the largest institutional holder, owning an 11.13% stake in Onto Innovation Inc. (NYSE:ONTO), with 5.53 million shares as of March 31, 2026.

Onto Innovation Inc. (NYSE:ONTO) focuses on designing and creating process control equipment for use with macro defect inspection and metrology. They provide lithography systems, process control and analysis tools to assist in assembling and evaluating defects for quality control purposes.