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.
9. Booking Holdings Inc. (NASDAQ:BKNG)
Average 5-Year Revenue Growth: 23.08%
Number of Hedge Fund Holders: 95
Fisher Asset Management’s Stake Value: $117,544,418
Booking Holdings Inc. (NASDAQ:BKNG) is part of the Growth Stock Portfolio.
On December 1, 2025, TheFly reported that Spotnana announced a direct integration with Booking.com, a division of Booking Holdings Inc. (NASDAQ:BKNG). It will enable Spotnana partners and clients to access Booking.com’s entire worldwide inventory. Furthermore, the integration makes it possible for corporate travelers to access pricing that was previously exclusive to the Booking.com website. According to the firm, the collaboration advances its goal of simplifying travel by providing direct access to its inventory using Spotnana’s platform.
As stated by Booking.com’s Vice President of Partnerships, Mark van der Linden, the connection enables the company to provide a better traveler experience. It facilitates more effective inventory servicing for travel management firms.
The parent firm of travel companies, including Kayak and Priceline, Booking Holdings Inc. (NASDAQ:BKNG) had a better-than-expected full-year reservations projection, calming investors who were concerned that a US government shutdown and broader economic issues would reduce travel demand.
On November 24, 2025, TheFly announced that BNP Paribas Exane began covering Booking Holdings Inc. (NASDAQ:BKNG) with a price target of $6,100 and an Outperform rating.
Booking Holdings Inc. (NASDAQ:BKNG) is the world’s largest online travel agency by sales, providing booking and payment services for hotel and alternative lodging rooms, airlines, rental cars, restaurants, cruises, activities, and other vacation packages.
8. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)
Average 5-Year Revenue Growth: 23.08%
Number of Hedge Fund Holders: 194
Fisher Asset Management’s Stake Value: $4,980,614,344
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is part of the Growth Stock Portfolio.
According to a story reported by Taiwan News on December 23, 2025, labor shortages and permitting obstacles have caused delays in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)’s development in Arizona. The project will cost NT$5.2 trillion and cover 1,149 acres north of Phoenix. The firm has to establish over 18,000 technical regulations because of regulatory fragmentation, which necessitates approvals from municipal, state, and federal agencies. The business had to bring technicians from Taiwan, which resulted in union backlash and lawsuits. Challenges are water-use restrictions and environmental reviews. Currently, two fabs are being built, one is in operation, and more facilities are being planned.
TheFly reported on December 8, 2025, that Bernstein raised its price objective for Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) from $290 to $330. The firm maintained its Outperform rating. The firm boosted its forecast for the chip-on-wafer-on-substrate capacity of the company to 125,000 wafers per month by the end of 2026, pointing out that this would satisfy Nvidia’s requirements for the Blackwell and Rubin projects in 2025 and 2026. Furthermore, Bernstein projected that revenues of Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) would rise by 23% in fiscal 2026 and 20% in 2027.
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) operates the world’s largest specialized chip manufacturer.
7. Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG)
Average 5-Year Revenue Growth: 23.75%
Number of Hedge Fund Holders: 19
Fisher Asset Management’s Stake Value: $1,458,294,811
Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG) is part of the Growth Stock Portfolio.
Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG) of Japan will pay $4.4 billion for a 20% share in India’s Shriram Finance Ltd., the largest cross-border investment in the country’s financial market.
The deal surpasses Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG)’s previous investments of over $1.7 billion, making it the company’s largest commitment in India. As per Shriram Finance, the Indian insurance company, regulatory approvals are required for the deal. Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG) has been awarded minority protection rights, such as the right to recommend up to two non-independent directors to the board and the right to retain its shareholding in advance. These rights expire if the company’s stake drops below 10% on a fully diluted basis. Furthermore, the business will be paying Shriram Ownership Trust a single $200 million non-compete and non-solicit fee, subject to shareholder approval.
The investment comes after India’s central bank recently clarified regulations for banks to own stock in non-banking financing firms. Masashige Nakazono, a Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG) executive, stated that the share could be raised above 50% at any time as long as regulations allow it. According to Shriram Finance, the deal will promote a diverse liability base and better credit ratings. It will also strengthen the firm’s balance sheet, improving its capital adequacy ratio and providing long-term growth capital. The Indian company claimed 2.8 trillion rupees ($31 billion) in assets under management as of the end of September. After the announcement, Shriram Finance’s shares ended the day up by 3.7%.
Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG) is Japan’s largest banking firm, accounting for 8.4% of domestic loans and 11.8% of deposits as of March 2025.
6. ServiceNow, Inc. (NYSE:NOW)
Average 5-Year Revenue Growth: 25.46
Number of Hedge Fund Holders: 104
Fisher Asset Management’s Stake Value: $1,524,005,060
ServiceNow, Inc. (NYSE:NOW) is one of the stocks in the Growth Stock Portfolio.
According to TheFly, Stifel reduced its price objective for ServiceNow, Inc. (NYSE:NOW) from $1,150 to $230 to reflect the company’s 5-for-1 stock split, which took effect on Thursday, December 19, 2025. The firm’s rating on the shares remained Buy.
Separately, Reuters cited Bloomberg and reported on December 13, 2025, that according to sources familiar with the situation, ServiceNow, Inc. (NYSE:NOW) is in advanced talks to buy cybersecurity company Armis in a deal that could be worth up to $7 billion. The agreement might be made public in the next few days, but negotiations might still break down, or another bidder might show up. Reuters’ requests for comment from ServiceNow, Inc. (NYSE:NOW) and Armis were not immediately answered.
In November, Armis completed a $435 million fundraising round, valuing the business at $6.1 billion. Armis was established in 2016 and serves over 40% of Fortune 100 firms by offering real-time protection for connected devices. Demand for advanced digital security services has risen in response to a series of global cyberattacks this year that led to major financial losses and data leaks.
ServiceNow, Inc. (NYSE:NOW) offers software solutions for structuring and automating various business processes using a SaaS delivery model.
5. ConocoPhillips (NYSE:COP)
Average 5-Year Revenue Growth: 27.39%
Number of Hedge Fund Holders: 72
Fisher Asset Management’s Stake Value: $1,386,118,752
ConocoPhillips (NYSE:COP) is among the Growth Stock Portfolio.
On December 12, 2025, TheFly reported that UBS maintained a Buy rating and elevated its price goal for ConocoPhillips (NYSE:COP) from $117 to $120.
As stated by the firm, the energy sector is set for a stronger 2026 after three years of modest improvements. UBS mentioned rising prospects for oilfield services, cost and capital expenditure savings, M&A-driven value creation, improving outlooks for oil and natural gas, and compelling valuations. The firm stated that natural gas exploration and production businesses are preferred, whereas strong momentum is projected across oil E&Ps and oilfield services firms.
On the same day, Mizuho reaffirmed its Outperform rating on ConocoPhillips (NYSE:COP) shares but upgraded its price objective to $121 from $120.
Mizuho’s 2026 projection for the exploration and production group included the modification. The firm stated that sentiments toward US oil and gas companies remained negative due to concerns about oil market oversupply and high gas storage levels. Despite this context, Mizuho claimed that the group had undervalued value, especially in exploration and production, based on longer-term fundamentals that might start to materialize in 2026. The firm observed that it became more neutral on refining and recommended reallocating risk toward oil E&Ps with a selective bias for gas stocks.
ConocoPhillips (NYSE:COP) is an independent US-based exploration and production company.
4. Ingersoll Rand Inc. (NYSE:IR)
Average 5-Year Revenue Growth: 31.39%
Number of Hedge Fund Holders: 46
Fisher Asset Management’s Stake Value: $573,606,864
Ingersoll Rand Inc. (NYSE:IR) is among the Growth Stock Portfolio.
On December 16, 2025, TheFly reported that Stifel maintained a Hold rating and lifted its price goal on Ingersoll Rand Inc. (NYSE:IR) from $75 to $81.
Stifel claims that tariff-related price hikes have been a major factor in the expansion of diversified industrial companies in 2025, pointing to the group’s strong pricing power. Volumes have often been flat to slightly lower, as stated by the firm. Stifel anticipates that carryover pricing and the lack of or reduced levels of inventory destocking will sustain volume growth in 2026. The firm projects low-to mid-single-digit sales growth for 2026 based on these variables
In a separate note dated December 8, 2025, Citi reiterated its Buy rating and increased its price objective for Ingersoll Rand Inc. (NYSE:IR) from $91 to $94. The change was included in Citi’s engineering and construction group’s 2026 projection. According to Citi, the industry will continue to develop in 2026 due to artificial intelligence.
However, the company lowered the midpoint of adjusted EBITDA guidance to $2.075 billion while maintaining full-year guidance for organic volume growth and total revenue. The firm noted the impact of incremental Section 232 tariffs and other tariff hikes announced in August, as well as delays in price realization owing to backlog growth.
Ingersoll Rand Inc. (NYSE:IR) is a major mission-critical flow creation and industrial technology firm that operates in two segments: industrial technologies and services, and precision and science technologies.
3. MercadoLibre, Inc. (NASDAQ:MELI)
Average 5-Year Revenue Growth: 54.00%
Number of Hedge Fund Holders: 109
Fisher Asset Management’s Stake Value: $177,193,903
MercadoLibre, Inc. (NASDAQ:MELI) is among the Growth Stock Portfolio.
As per a research report referenced by TheFly on December 19, 2025, Wedbush trimmed its price goal on MercadoLibre, Inc. (NASDAQ:MELI) from $2,800 to $2,700.
The firm kept its Outperform rating on the stock. As the business progresses through its current investment cycle, Wedbush named MercadoLibre, Inc. (NASDAQ:MELI) as one of its top choices. The firm stated that it is concentrating on the competitive dynamics and underlying demand patterns in the company’s primary markets. Furthermore, it is keeping an eye on the projected rise in expenses in 2026 as a result of increased sales and marketing expenses and logistical investments. Wedbush also pointed out that risk management is a crucial area of focus for management’s execution of growing the company’s loan book.
On December 10, 2025, MercadoLibre, Inc. (NASDAQ:MELI) signed a business deal with Agility Robotics. The deal calls for the integration of Agility Robotics’ Digit humanoid robot into MercadoLibre’s plant in San Antonio, Texas. According to the companies, Digit will first concentrate on chores that assist with commerce fulfillment. Both companies are also planning to investigate further use cases where AI-powered humanoid robots could assist logistics operations throughout MELI’s warehouse system in Latin America.
MercadoLibre, Inc. (NASDAQ:MELI) is Latin America’s largest e-commerce marketplace, with around 150 million active users and over 600 million active listings.
2. NVIDIA Corporation (NASDAQ:NVDA)
Average 5-Year Revenue Growth: 74.14%
Number of Hedge Fund Holders: 234
Fisher Asset Management’s Stake Value: $15,777,871,986
NVIDIA Corporation (NASDAQ:NVDA) is among the Growth Stock Portfolio.
Thefly reported on December 23, 2025, that NVIDIA Corporation (NASDAQ:NVDA) revamped its cloud operations this week, withdrawing from direct competition with big cloud providers. It was claimed by Anissa Gardizy and Wayne Ma of The Information, citing sources and an internal document. More than two years ago, CEO Jensen Huang presented a plan to develop a cloud computing business that might compete with Amazon Web Services. The head of the cloud unit and a number of related executives were reassigned as part of the restructure, and others departed from the company. The firm’s DGX Cloud team will now focus on meeting internal infrastructure and engineering requirements.
On December 19, 2025, TheFly reported that Truist boosted its price objective for NVIDIA Corporation (NASDAQ:NVDA) to $275 from $255 while keeping a Buy rating. Following the establishment of forecasts for 2027, the company upgraded its semiconductor and AI group targets.
Truist mentioned continued AI capital expenditure upside that would last until 2026, and he believes AI infrastructure semiconductor equities are undervalued in relation to their growth. The firm also pointed out issues with funding and power availability for AI infrastructure, but projections for AI-focused semiconductor companies continue to rise in comparison to their diverse analog peers.
1. Nu Holdings Ltd. (NYSE:NU)
Average 5-Year Revenue Growth: 88.34%
Number of Hedge Fund Holders: 99
Fisher Asset Management’s Stake Value: $167,117,166
Nu Holdings Ltd. (NYSE:NU) is among the Growth Stock Portfolio.
According to TheFly on December 4, 2025, UBS analyst Thiago Batista maintained a Neutral rating and raised the price objective for Nu Holdings Ltd. (NYSE:NU) from $16 to $18.40.
On the same day, Grupo Santander raised Nu Holdings Ltd. (NYSE:NU) from Neutral to Outperform with a price target of $22. The analyst informs investors in a research note that the company’s growth is growing faster, with Mexico moving forward and Brazil getting back.
On December 3, 2025, Bloomberg reported that Nu Holdings Ltd. (NYSE:NU), also known as Nubank, announced plans to apply for a banking license in Brazil in response to a legal change that bars non-bank businesses from using the word “bank” in their branding. Companies have 120 days to submit a compliance strategy as per the central bank’s ruling. The firm stated that the modification will not significantly change the need for extra financing. Previously, the business was able to offer credit cards and open accounts without a banking license.
Nu Holdings Ltd. (NYSE:NU) has over 110 million customers and a market capitalization of $79.18 billion. The business stated that earlier this year, it applied for a banking charter in the United States and already has a banking license in Mexico.
While we acknowledge the potential of NU to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NU and that has 100x upside potential, check out our report about this cheapest AI stock.
READ NEXT: 20 Best AI Stock To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. Growth Stock Portfolio: 12 Stock Picks By Ken Fisher is originally published on Insider Monkey. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.
