In this article, we will discuss: Growth Stock Portfolio: 12 Stock Picks By Ken Fisher.
According to Ken Fisher, concerns about a technology and artificial intelligence bubble are prevalent, but they do not match the traits of a real market bubble. The founder and executive chair of Fisher Investments gave an interview to Richard Austin Quest on Quest Means Business on CNN (November 21, 2025). He stated that very few people would believe it to be a tech and AI bubble. He pointed out that the majority would see it as an opportunity.
The remarks were made as investors discussed the possibility of a further market slump, high valuations, and AI investment. As noted by Fisher, markets pre-price all widely known things pretty effectively, rejecting the idea that high values signal an impending collapse. He stated that the valuations are high, and that does not make sense. The use of values to predict market direction over time periods that are important to investors is not supported by statistics, he added.
Fisher admitted that there was uncertainty about short-term results, such as responses to corporate profits and more general policy issues. He noted that stocks may decline during weak markets, describing that as typical behavior rather than proof of a bubble, and stated that individual companies may perform better or worse than people believe. He also stated that while equities do well over the long run, they simply fluctuate a lot in the short term.
Speaking about the “AI king,” Fisher pointed out that the business has over $500 billion in actual contract revenue linked to data center products through the end of 2026, but he cautioned that there may still be bumps in the road. He further commented that the most common investor concern is that there is a technology and AI bubble.
With that said, here is the Growth Stock Portfolio: 12 Stock Picks By Ken Fisher.
Our Methodology
To curate our list of Billionaire Ken Fisher’s 12 growth stock picks, we scanned Fisher Asset Management’s Q3 2025 13F filings, using Insider Monkey’s 13F database. We picked stocks with an average 5-year revenue growth of over 20% for our list. We have also mentioned the number of hedge fund holders for each stock using Insider Monkey’s database of hedge funds as of Q3 2025. The stocks are ranked in ascending order of their average 5-year revenue growth.
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 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
12. Broadcom Inc. (NASDAQ:AVGO)
Average 5-Year Revenue Growth: 20.00%
Number of Hedge Fund Holders: 183
Fisher Asset Management’s Stake Value: $4,160,739,682
Broadcom Inc. (NASDAQ:AVGO) is part of the Growth Stock Portfolio.
On December 12, 2025, Thefly reported that Deutsche Bank increased its price objective for Broadcom Inc. (NASDAQ:AVGO) from $400 to $430 while keeping a buy rating. The business highlighted the company’s fiscal fourth-quarter performance, labeling growth as impressive. As stated in the commentary, the firm pointed out that although the results showed good performance, the growth came at a cost.
On December 12, Broadcom Inc. (NASDAQ:AVGO) warned that increasing sales of lower-margin custom AI chips would decrease profitability, which caused the company’s stock to drop more than 11%. Following a 10.8% decline in Oracle shares the day before due to debt-funded AI infrastructure expenditure, the margin warning heightened investor fears about returns from significant AI spending. The business stated that the margins will remain under pressure due to a higher proportion of AI sales, despite reporting a $73 billion backlog to ship in the next 18 months.
The stock has increased by over 46.72% so far this year. Melius Research’s Ben Reitzes stated that, considering the high spending plans, panic is premature.
Meanwhile, the announcement of a new custom AI chip in 2026, a new $11 billion order for an AI chip from Anthropic for the second half of 2026, and guidance for artificial intelligence revenue in the January quarter were all significant highlights of the last quarter.
Broadcom Inc. (NASDAQ:AVGO) is one of the world’s leading semiconductor businesses, and it has expanded into infrastructure software.
11. ASML Holding N.V. (NASDAQ:ASML)
Average 5-Year Revenue Growth: 20.32%
Number of Hedge Fund Holders: 82
Fisher Asset Management’s Stake Value: $4,213,705,207
ASML Holding N.V. (NASDAQ:ASML) is part of the Growth Stock Portfolio.
Cantor Fitzgerald increased its price objective for ASML Holding N.V. (NASDAQ:ASML) from €1,150 to €1,300 while maintaining an Overweight rating, based on a December 16, 2025, TheFly report. The SOX index outperformed the S&P 500 by about 30 points in the year 2025, according to the firms, and is now positioned to lead markets. Cantor stated that demand for semiconductor, networking, computing, and memory technology is being driven by the early deployment of artificial intelligence. The firm stated that although cyclical variables can produce conflicting signals, exposure to AI-related semiconductor names is supported through 2026 due to the larger macro backdrop and projections for an exponential increase in AI infrastructure spending.
Separately, the Financial Times reported that Chinese semiconductor producers are modernizing outdated ASML Holding N.V. (NASDAQ:ASML) deep ultraviolet lithography equipment to boost production of advanced smartphone and artificial intelligence chips. The business is unable to deliver its most modern DUV and EUV equipment to China due to export constraints in the United States and the Netherlands, leaving factories dependent on older systems such as the Twinscan NXT:1980i.
Individuals with knowledge of the situation claim that Chinese factories have obtained improved parts, such as stages, lenses, and sensors, through secondary markets, with outside companies offering on-site engineering assistance. The firm stated that it completely complies with all applicable rules and does not support updates that go beyond what is permitted by regulations.
In 2024, ASML Holding N.V. (NASDAQ:ASML)’s revenue from China grew to €10.2 billion, or 36% YoY of total sales. However, the company has cautioned investors that its China revenues are anticipated to drop sharply in 2025.
ASML Holding N.V. (NASDAQ:ASML) leads the market in semiconductor lithography systems.
10. Intuit Inc. (NASDAQ:INTU)
Average 5-Year Revenue Growth: 20.42%
Number of Hedge Fund Holders: 96
Fisher Asset Management’s Stake Value: $1,725,651,195
Intuit Inc. (NASDAQ:INTU) is part of the Growth Stock Portfolio.
On December 18, 2025, Intuit Inc. (NASDAQ:INTU) unveiled a multi-year agreement with Circle Internet Group to integrate stablecoin features throughout its platform, which includes Credit Karma, QuickBooks, and TurboTax. The partnership creates a framework for Intuit Inc. (NASDAQ:INTU) to make use of USDC and Circle’s stablecoin infrastructure to provide quicker, more affordable, and safer transfers of money internationally.
As stated by the business, this partnership aims to facilitate programmable, round-the-clock financial transactions integrated into its products. The company also stated that stablecoins can open up new use cases for payments, savings, remittances, and refunds, which aren’t feasible with conventional payment rails. Circle claimed that by utilizing Intuit Inc. (NASDAQ:INTU)’s size, the agreement will improve access to USDC for routine financial activities.
On November 21, 2025, TheFly revealed that BMO Capital had reduced its price objective for Intuit Inc. (NASDAQ:INTU) from $870 to $810 and retained an Outperform rating. As per the firm, the company started fiscal 2026 with solid results, with Credit Karma and the QuickBooks Online ecosystem performing slightly better than expected. QBO’s development into the middle market and robust growth in payment solutions led to a better accounting mix, as noted by BMO. The firm has decreased its valuation multiple to 31-32 times enterprise value to projected free cash flow to match its comparable standing.
Intuit Inc. (NASDAQ:INTU) provides online marketing platform Mailchimp and accounting software QuickBooks to small as well as midsize businesses.
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