Jim Cramer Discussed These 22 Stocks Including A Hidden Oil & Energy Play

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In a recent tweet, Jim Cramer continued to wonder what it would take to move up AI chip giant NVIDIA’s shares. The stock has struggled in 2026 but Cramer hasn’t stopped being a believer. With deals related to the AI buildout aplenty in the market, Cramer remarked that perhaps a shortage of deals could finally inject some much needed momentum into the shares. His comments came after South Korean memory giant SK hynix listed its American Depository Receipts (ADRs) for trading on the NASDAQ exchange as part of a listing that saw the shares gain 13% in their first day of trading. The rise in the stock reflected a shift in investor sentiment, where memory chip stocks are seeing more attention as opposed to GPU stocks such as NVIDIA:

“Remember, supply can kill the bull, but a lack of supply resuscitates it. If we have no more new supply, like a huge Oracle or Meta deal–then we can break out again…hence why an NVDA can finally move..”

Our Methodology

For this article, we compiled a list of stocks that Jim Cramer discussed during the episode of Squawk on the Street aired on July 9th and tweeted about. We listed the stocks in the order that Cramer mentioned them. We also provided hedge fund sentiment for each stock as of the first quarter of 2026, which was taken from Insider Monkey’s database of 1,000 hedge funds.

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 599.2% since May 2014, beating its benchmark by 372 percentage points (see more details here).

22. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holdings in Q1 2026: 282

As we enter into the second half of 2026, Jim Cramer’s tone about Microsoft Corporation (NASDAQ:MSFT)  has softened. In the first quarter of the year, the CNBC TV host didn’t hold back when criticizing the firm. He discussed Microsoft Corporation (NASDAQ:MSFT)’s Copilot user base and remarked that the firm needed to do more with the software in order to compete in the AI software industry. BMO Capital discussed Microsoft Corporation (NASDAQ:MSFT)’s shares on July 7th as it cut the share price target to $500 from $515 and reiterated an Outperform rating. It discussed the software company’s upcoming second quarter earnings and outlined that Azure could deliver a stale upside. Cramer tweeted about Microsoft Corporation (NASDAQ:MSFT) and commented on the firm’s relationship with OpenAI:

“It is such a shame that Microsoft’s relationship with OpenAI is so strained. The way that MSFT gets its stock up more than 200 points is to merge with them paid for by a giant equity and debt deal. The real price of OpenAI will start to go down if they don’t get a deal done.

“Proud we told club members the change in META model was worth 100 points. It is why it is so hard to leave a Microsoft or an Amazon of a Google. The optionality is insane for these companies even as they take on too much debt. If AI works for them the debt gets paid back very quickly….”

21. SK hynix Inc. (NASDAQ:SKHY)

Number of Hedge Fund Holdings in Q1 2026: N/A

SK hynix Inc. (NASDAQ:SKHY) was the talk of the town last week as it listed its American Depository Receipts (ADRs) on the NASDAQ stock exchange. The firm is one of the hottest companies around, courtesy of the current AI infrastructure buildout. SK hynix Inc. (NASDAQ:SKHY) makes and sells advanced memory chips that are used in AI GPUs. As a result, the stock has rallied, with its Korea listed shares up by 626% over the past year and 222% year-to-date. On the NASDAQ, SK hynix Inc. (NASDAQ:SKHY)’s ADRs closed 12.7% higher on Friday. Ahead of the listing, Cramer simply remarked that the firm was more important than US memory company Micron when it came to its role in the industry. After the listing, he discussed SK hynix Inc. (NASDAQ:SKHY) in a series of tweets:

“SK Hynix, price it in hole. You do it up here hedge funds will buy it there and blast it here.. suboptimal

“The SK Hynix analysts should come out Monday with raised numbers to keep this thing tight.. I still don’t like how the syndicate managers are so granular. But there are some good long only’s in the mix.

“We get this SK Hynix out of the way successfully (underwriters gamed it better) then we have nothing left in terms of big supply unless a hyperscaler shocks us with a secondary”

20. FedEx Freight Holding Company, Inc. (NYSE:FDXF)

Number of Hedge Fund Holdings in Q1 2026: N/A

FedEx Freight Holding Company, Inc. (NYSE:FDXF) is a new listing on the stock market. It is the freight business spinoff of the logistics giant FedEx. Cramer discussed the spinoff several times before the shares were listed for trading. In all of his remarks, the CNBC TV host was enthusiastic about the deal. After the spinoff, he commented on it extensively in Mad Money. Bank of America discussed FedEx Freight Holding Company, Inc. (NYSE:FDXF)’s shares on June 26th. It raised the price target to $187 from $185 and kept a Buy rating. BofA raised the freight company’s 2027 earnings per share estimate to $5.41. Cramer tweeted about FedEx Freight Holding Company, Inc. (NYSE:FDXF) and expressed optimism about the coming days:

“I think that Fedex Freight has finally shaken off the spinoff blues and is ready to roll… FDXF”

In his Mad Money appearance on July 8th, Cramer remarked:

“My thesis is much more simple and much longer term. FedEx Freight is instantly the largest player in the less-than-truckload market, which is an attractive one as the freight business comes out of a multi-year bear market with much less capacity, kind of what happened to the airlines. I think FedEx Freight also benefits from being an independent company with dedicated management that can think solely about how to improve service and grow the business rather than being buried within a larger entity where its profitability was not a priority. That’s why I want to own this one for the long haul.”

19. International Business Machines Corp. (NYSE:IBM)

Number of Hedge Fund Holdings in Q1 2026: 59

Technology company International Business Machines Corp. (NYSE:IBM) is one of Jim Cramer’s favorite stocks. Throughout 2025 he continued to support the firm despite relatively modest share price performance in today’s AI era. Cramer primarily praised International Business Machines Corp. (NYSE:IBM) for two reasons. These were the strength of its software business and its quantum computing initiatives. The CNBC TV host believes that International Business Machines Corp. (NYSE:IBM) has one of the most developed quantum computing businesses in the industry. In late June, the firm announced a partnership with Deloitte and Red Hat to help fortify supply chains against cyberattacks. In a tweet, Cramer discussed the potential for International Business Machines Corp. (NYSE:IBM) to lose out on its partnership with Starbucks:

“Starbucks’ stock going nuts because it might cut out Microsoft and IBM… Brutal to think about how many companies might switch from current programs to ai–especially after companies see how much a stock climbs if a company can figure out how not to rely on expensive programs.”

18. Micron Technology, Inc. (NASDAQ:MU)

Number of Hedge Fund Holdings in Q1 2026: 154

Micron Technology, Inc. (NASDAQ:MU) has shaped up to be one of the hottest stocks and firms in today’s era. While few would have thought that the firm would grow to become what it is today when it came to AI investing, the shares tell a different picture. Micron Technology, Inc. (NASDAQ:MU)’s stock is up by 686% over the past year and by 210% year-to-date. Cramer has discussed the firm, and particularly its CEO, regularly over the past year. Most of his comments have discussed the CEO’s humility and outlined that the few paid heed when the executive insisted that memory chips were crucial for the spread of artificial intelligence technology. The CNBC TV host kept up with the praise in a tweet as he remarked:

“Meta isn’t as rewarding as a Micron but it is still real money nonetheless”

ClearBridge Investments Large Cap Growth Strategy discussed Micron Technology, Inc. (NASDAQ:MU) in its Q2 2026 investor letter:

“With semiconductors becoming more than 30% of the RLG, we also initiated a position in Micron, a leading memory provider that we believe is well-positioned to benefit from growing AI infrastructure investment as AI data centers require significantly more memory than traditional computing systems. We see Micron as a differentiated way to gain exposure to the AI buildout while diversifying our semiconductor holdings.”

17. Valero Energy Corporation (NYSE:VLO)

Number of Hedge Fund Holdings in Q1 2026: 67

Valero Energy Corporation (NYSE:VLO) is an oil and gas refining company. Its shares are up by 83% over the past year and by 69.8% year-to-date. Morgan Stanley discussed the firm on June 12th, as it raised the share price target to $255 from $232 and kept an Equalweight rating on the shares. Strip prices and elevated refining margins due to the conflict in the Middle East were among the factors that Morgan Stanley discussed. While Cramer has frequently discussed oil stocks in the context of the Iran conflict, he hasn’t mentioned Valero Energy Corporation (NYSE:VLO) as often. Most of his remarks have focused on Chevron and oil stocks as being a proxy to the conflict’s duration. However, in this appearance, he outright recommended buying the shares:

“You know Valero, which is if you put up this chart Valero, that’s the one. People keep saying what should we do, Conoco, should I do OXY. . .do Valero, because that’s the pure play of what you just talked about. And it’s not done, it’s just going to keep going higher. And it. is, even the whole way, because even, straight up. Because that should have come down. I mean David, you know that the gasoline, we export a lot of gasoline, so it’s a tight market to begin with. And that’s the market that the consumer voter is focused on.

“Look it’s the world market, we’re very important in the world market. . .if the price of oil goes down and the price at the pump doesn’t go down, that’s called Valero. Now it’s not their fault! I mean it’s the way it works, it’s always lagged! . . .the refining business is a very tough business.”

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

Number of Hedge Fund Holdings in Q1 2026: N/A

Space Exploration Technologies Corp. (NASDAQ:SPCX)’s shares have struggled since their IPO last month, as they are down by 9.7% over their day one close. With the mandatory quiet period for investment banks having expired, several of them have discussed the firm since the IPO. One recent coverage came from Morgan Stanley’s Adam Jonas, who is also one of Tesla’s biggest supporters. In a recent interview with CNBC, Jonas outlined that Space Exploration Technologies Corp. (NASDAQ:SPCX)’s launch business offered 20 times lower cost-per-kilogram to orbit than its competitors. The analyst added that the firm’s Starlink satellite internet constellation was its primary cash flow generating business. In this appearance, Cramer briefly commented on Jonas and his impact on shaping his views on Space Exploration Technologies Corp. (NASDAQ:SPCX):

“I am too [positive], because of Jonas. . .he likes SpaceX the company more than he likes SpaceX the stock.”

ClearBridge Large Cap Growth Strategy discussed Space Exploration Technologies Corp. (NASDAQ:SPCX) in its Q2 2026 investor letter:

“Our participation in the Space Exploration Technologies Corp. (NASDAQ:SPCX) IPO also keeps the portfolio in step with a risk-on benchmark. A diversified aerospace and communications company, SpaceX competes in several large addressable markets with a significant technology lead versus peers. Its core competitive advantage is its proven ability to reuse rockets, which materially lowers the cost of delivering payloads into orbit. This capability is supported by the company’s vertically integrated approach to rocket design, manufacturing and launch operations. By combining SpaceX’s operations with Starlink, the dominant satellite Internet provider, the company plans to extend this playbook into AI infrastructure scaling orbital data center compute. SpaceX also has demonstrated the ability to lower the cost of scaling data center compute terrestrially through innovative techniques like onsite battery power generation. Moving forward, key questions are around execution as SpaceX scales its next generation of large payload rockets, enabling the company to unlock multiple new end markets.”

15. SanDisk Corporation (NASDAQ:SNDK)

Number of Hedge Fund Holdings in Q1 2026: 114

Computer storage products manufacturer SanDisk Corporation (NASDAQ:SNDK)’s shares are up by a whopping 4,000% over the past year and by 596% year-to-date. Bank of America discussed the firm on July 1st. It raised the share price target to $2,500 from $2,100 and kept a Buy rating on the shares. BofA remarked that SanDisk Corporation (NASDAQ:SNDK) should be able to enjoy pricing power for longer due to the shortage in the NAND storage market. On June 30th, Bernstein significantly raised the share price target to $3,000 from $1,700 and kept an Outperform rating on the stock. The financial firm remarked that the growing trend of long term agreements in the memory industry will benefit suppliers such as SanDisk Corporation (NASDAQ:SNDK). Like the two, Wedbush also raised the share price target. It increased the target to $2,000 from $1,2000 and kept an Outperform rating on the stock. Cramer called the upgrade an attempt to catch up:

“Today is Wedbush’s day. Sandisk. . .we are updating estimates ahead of Sandisk’s fiscal fourth quarter of 26 report and raising our price target from 1,200 to 2,000. . .somebody reads that and then just say, buy. Because that’s a monumental increase in estimate. And it’s probably still too low. . .to put this number up, people just say, you know what, what am I doing. . .it’s a catch up play.”

14. Meta Platforms Inc. (NASDAQ:META)

Number of Hedge Fund Holdings in Q1 2026: 262

Jim Cramer has stuck with social media giant Meta Platforms Inc. (NASDAQ:META) despite the weakness in the firm’s share price. A considerable amount of debate in the market is for the firm’s AI initiatives. Like its mega cap peers Alphabet, Microsoft and Amazon, Meta Platforms Inc. (NASDAQ:META) is also investing billions of dollars in AI compute. However, unlike them, the firm does not have a dedicate cloud computing business – a fact that has caught everyone’s attention. After Cramer and others reported last week that Meta Platforms Inc. (NASDAQ:META) would sell excess compute capacity, the CNBC TV host asserted that the shares should add a hundred points on the news. Since the news broke, the stock has added 86 points, and out of these, 37.7 points are after CEO Mark Zuckerberg confirmed the move. Cramer discussed the share price movement:

“I see Meta wants to put a lot more compute up and the stock is getting crushed today even though it was added to the US 1 list from Bank of America. I mean look at that, remember it went to 600 when we heard that they were going to do a web service. Now it’s back to 581.”

In a tweet, Cramer remarked that he was glad he was optimistic about the firm to his Investing Club members:

“Proud we told club members the change in META model was worth 100 points. It is why it is so hard to leave a Microsoft or an Amazon of a Google. The optionality is insane for these companies even as they take on too much debt. If AI works for them the debt gets paid back very quickly….”

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

Number of Hedge Fund Holdings in Q1 2026: 87

Cybersecurity services provider Palo Alto Networks, Inc. (NASDAQ:PANW)’s shares are up by 71% over the past year and by 81.7% year-to-date. BTIG and Wells Fargo discussed the firm on July 1st. Wells raised the share price target to $420 from $325 and kept an Overweight rating on the stock. It added the firm to its Q3 Tactical Ideas list and outlined that Palo Alto Networks, Inc. (NASDAQ:PANW) had clear catalysts ahead. Similarly, BTIG also hiked the share price target. It raised the target price to $380 from $333 and kept a Buy rating on the stock. Among the reasons that BTIG cited for its optimism included larger deal sizes and cross-sell benefits for Palo Alto Networks, Inc. (NASDAQ:PANW). Like the analysts, Cramer has also been nothing but enthusiastic for the sector. In this appearance, he shared some of the reasons behind his sentiment:

“Meantime, it keeps coming back to Anthropic who is the one that is actually making a lot of money. Doing some work on Salesforce, well, where is the money going if it’s not going to Salesforce? Well, it’s going to cybersecurity. I see that you have Nikesh Arora on, and that stock has just been unbelievable since Mythos, unbelievable.”

12. Starbucks Corporation (NASDAQ:SBUX)

Number of Hedge Fund Holdings in Q1 2026: 65

Starbucks Corporation (NASDAQ:SBUX) is a frequent feature on Jim Cramer’s radar. Most of his remarks have focused on the firm’s ongoing turnaround. In 2025, when the turnaround was in its early stages, the CNBC TV host kept the faith in CEO Brian Niccol. Starbucks Corporation (NASDAQ:SBUX)’s shares are up by 13.4% over the past year and by 24% year-to-date. A major part of Niccol’s turnaround effort has been to drive traffic more frequently to the firm’s outlet. On this front, data shared with CNBC shows that Starbucks Corporation (NASDAQ:SBUX) has managed to grow traffic at its stores for customers visiting after 2 p.m. In this appearance, Cramer discussed reports of the firm spending a whopping $400 million annually on software:

“I was shocked, I don’t know if you guys read that story, 400 million they spent on tech, Starbucks. . .well that’s a great place to cut, right, if you’re Brian Niccol you say listen, call somebody, call Dario, get him in here, I want all the stuff, I want everything changed. That’s what people are doing.”

He also discussed the firm in a tweet:

“Starbucks’ stock going nuts because it might cut out Microsoft and IBM… Brutal to think about how many companies might switch from current programs to ai–especially after companies see how much a stock climbs if a company can figure out how not to rely on expensive programs.”

ClearBridge Large Cap Growth Strategy discussed Starbucks Corporation (NASDAQ:SBUX) in its Q1 2026 investor letter:

“During the quarter, we sold Accenture and Starbucks. We discussed our rationale for exiting Accenture in the portfolio performance section. The second investment we sold was Starbucks, a specialty coffee restaurant chain. We are encouraged by CEO Brian Niccol’s turnaround plan and believe margins will materially increase over the coming years. However, in our view, the valuation already incorporates healthy margin expansion and revenue growth. Thus, there is little room for error if it takes longer for margins to improve or sales growth has a hiccup, so we elected to sell our shares.”

11. Salesforce Inc. (NYSE:CRM)

Number of Hedge Fund Holdings in Q1 2026: 101

Customer relationship management software provider Salesforce Inc. (NYSE:CRM)’s shares are down by 37% over the past year and by 35.6% year-to-date. Guggenheim discussed the firm on July 1st. It bumped the rating to Buy from Neutral and kept a $228 share price target. Guggenheim outlined that Salesforce Inc. (NYSE:CRM) was being excessively impacted by concerns that artificial intelligence could impact the firm’s business model. More recently, Keybanc’s analyst Andrew Jackson downgraded the stock to Hold from Buy due to worries that the firm’s Agentforce AI platform was struggling in the market. Keybanc based its coverage of Salesforce Inc. (NYSE:CRM) on channel checks and chief investment officer surveys. Cramer discussed Keybanc’s coverage in detail:

“This is what’s going on, when you see a move like we’re seeing in Sandisk and Micron, there’s often a common one which is against the software companies. They’re hardware this is software. This decline in software is being aided Jackson going from difficult to find evidence of future upside, downgrading it, taking it from a Buy to Hold. Now what bothers me David, is this guy does more channel checks than anybody. And he says why gather the evidence if we’re not going to use it. He sees slowing. . .adoption in Agentforce. That was going to be the future. Now one of the problems here is that we have to deal with the price to earnings multiple. The stock is cheap but he’s just saying, given the slow adoption, it can get even cheaper. . .this is the kind of thing that says, you know, Agentforce proof of concept, just not happening.

“It’s all about the budget, and the people who make the budget say, listen, let’s see if we can, not spend as much money on Salesforce which they think is expensive. Let’s see what we can come up with, for Anthropic, say, dashboard versus Tableu. Or let’s try to implement Agentforce, but let’s not go too fast because we may not get it right. It’s hard to implement. Salesforce itself is hard to implement if anyone’s tried. . .there will come a time when people say, you know what, it’s down so much, we should buy it.

“Now look I just get push back from Marc Benioff, saying listen this is just, what I just said, it’s not jiving at all with the facts. That there are a hundred reference about how Agentforce is doing, it’s just much much better than the analyst indicates, what I went over with Key. . . that’s just a bad call. And I think that’s important to say. The CEO says it’s a bad call. Well you gotta put it out there. . .but Marc, I have respect for the CEO. And the CEO is saying, that piece is wrong, and I think when a CEO comes out and says that piece is wrong, it is worth pointing out immediately, so that people can say, wait a second, I do not want to sell this thing. And I don’t know, I mean look, he’s got the references, he’s got sticking by the longer term view, and it’s Benioff deserves some benefit of the doubt. I’d say he deserves a lot of it, but because the stock’s down 40% I don’t know I wanna sell.”

In a tweet, Cramer commented on how hard it was to determine the firm’s growth:

“Nothing harder than trying to figure out the multiple to put on the growth of Salesforce.com”

Diamond Hill Capital Select Strategy discussed Salesforce Inc. (NYSE:CRM) in its Q1 2026 investor letter:

“Shares of Salesforce declined amid concerns around generative AI competition, with revenue and profit growth trending below expectations. Despite a more prolonged slowdown than initially anticipated, growth appears poised to reaccelerate in 2026, and if management’s longer-term guidance proves accurate, revenue growth and profitability should trend higher over time.”

10. Applied Materials, Inc. (NASDAQ:AMAT)

Number of Hedge Fund Holdings in Q1 2026: 138

Applied Materials, Inc. (NASDAQ:AMAT) is a semiconductor manufacturing equipment provider. Its shares are up by 205% over the past year and by 124% year-to-date. Susquehanna discussed the firm on June 30th. It significantly raised the share price target to $900 from $575 and kept a Positive rating on the stock. The financial firm pointed out that Applied Materials, Inc. (NASDAQ:AMAT)  could benefit from a manufacturing equipment backlog that lasted for more than a year. Cramer also discussed the revamped chip manufacturing equipment industry and shared details about long term contracts:

“I had Gary Dickerson on recently. . .he said something to me that was really incredibly, he said Jim, for as long as I have known you, we never know what our price is going to be. It was kind of set by the market. But now, if you want to do business with us, you gotta lock in long term contracts, long term contracts can be good for you too. But you know you can’t have a business that’s cyclical that has long term contracts that’s cyclical growth. And he said, you’ve got to start realizing, this is just a different company.”

Impax US Sustainable Economy Fund discussed Applied Materials, Inc. (NASDAQ:AMAT) in its Q1 2026 investor letter:

“Applied Materials (Information Technology, Semiconductor Materials & Equipment) is owned for its better-than-average Corporate Resilience profile and attractive sustainability opportunities including Resource Efficiency, Enhancing Productivity and Digital Infrastructure. Applied Materials rallied strongly primarily on the back of a blowout February earnings beat, where management guided for over 20% semiconductor equipment revenue growth in calendar 2026 and positioned the company as a direct beneficiary of accelerating AI infrastructure investment in leading-edge logic, high-bandwidth memory, and advanced packaging. Despite a sharp pullback in March on China export control concerns and revenue headwinds, the stock closed the quarter meaningfully higher.”

9. Lam Research Corporation (NASDAQ:LRCX)

Number of Hedge Fund Holdings in Q1 2026: 123

Chip manufacturing equipment manufacturer Lam Research Corporation (NASDAQ:LRCX)’s shares have performed well like those of its peers. They are up by 251% over the past year and by 89% year-to-date. As it did with Applied Materials, Susquehanna discussed the firm on June 30th. It raised Lam Research Corporation (NASDAQ:LRCX)’s share price target to 475 from $385 and kept a Positive rating on the stock. According to the financial firm, the capital equipment manufacturer should benefit from longer backlogs of its products. A day earlier, Cantor Fitzgerald had hiked Lam Research Corporation (NASDAQ:LRCX)’s share price target to $500 from $425 and kept an Overweight rating. It explained that the AI infrastructure buildout should represent a generational cycle in the semiconductor industry. Cramer commented on the shifts that Lam Research Corporation (NASDAQ:LRCX) was facing and its strengths:

“I had Gary Dickerson on recently. . .he said something to me that was really incredibly, he said Jim, for as long as I have known you, we never know what our price is going to be. It was kind of set by the market. But now, if you want to do business with us, you gotta lock in long term contracts, long term contracts can be good for you too. But you know you can’t have a business that’s cyclical that has long term contracts that’s cyclical growth. And he said, you’ve got to start realizing, this is just a different company. By the way Lam, similar, Lam is really on fire. . .these companies have a lot of intellectual property, these are the companies that China most wants to emulate.”

8. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holdings in Q1 2026: 265

Technology giant Alphabet Inc. (NASDAQ:GOOGL) has shaped up to become one of Jim Cramer’s favorite stocks after he was wary about the firm in the first half of 2025. The CNBC TV host has praised the firm on multiple occasions due to its strengths in the artificial intelligence, search engine, video streaming, cloud computing and quantum computing industries. Alphabet Inc. (NASDAQ:GOOGL)’s shares are up by 96.7% over the past year and by 13.3% year-to-date. Recently, in July, Needham maintained a $450 share price target and a Buy rating for Alphabet Inc. (NASDAQ:GOOGL)’s shares. The firm outlined that the technology company was establishing itself as a key player in the enterprise artificial industry. In this appearance, after Cramer’s co-hosts pointed out that Anthropic had emerged as the strongest player in this industry, the CNBC TV host pointed to Alphabet Inc. (NASDAQ:GOOGL)’s deal with Apple in response:

“Gemini has the best contract in the world, which is the Apple contract. Because that’s embedded.”

L1 Capital International Fund discussed Applied Materials, Inc. (NASDAQ:AMAT) in its Q1 2026 investor letter:

Alphabet’s share price has more than doubled over the past 12 months. This reflects strong performance in core Search, continued momentum in Google Cloud Platform, and better-than-expected progress in AI (Gemini). Today Alphabet has a market capitalisation approaching US$4 trillion. Share prices and fair value are not always aligned, even for the world’s largest companies.

7. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holdings in Q1 2026: 353

Amazon.com, Inc. (NASDAQ:AMZN)’s shares are up by 8.7% over the past year and by 8% year-to-date. Wells Fargo adjusted the share price target to $313 from $312 and kept an Overweight rating on the shares on July 2nd. The coverage came ahead of the second quarter earnings season as the bank outlined that Amazon.com, Inc. (NASDAQ:AMZN) could post a solid set of results due to momentum in its Amazon Web Services (AWS) cloud computing business. Yet, Wells Fargo added that since the firm had shifted its Prime Day timeline, it might guide third quarter financials below analyst estimates. Cramer discussed Amazon.com, Inc. (NASDAQ:AMZN) in the context of the growing competition in the artificial intelligence industry:

“You don’t see how Amazon’s gotten so much better? When you ask about such and such? Amazon’s what was Rufus, but Amazon has, I think has stepped up to the plate with Alexa. . .”

Artisan Value Fund discussed Amazon.com, Inc. (NASDAQ:AMZN) in its Q1 2026 investor letter:

Amazon represents a high-quality, wide-moat franchise where near-term investment is potentially obscuring substantial long-term earnings power. The company’s core retail platform is underpinned by its logistics network built over decades and enhanced by significant investment during COVID that doubled the network. This infrastructure continues to drive efficiency gains and customer value, reinforcing Amazon’s dominant market position. Complementing this is AWS, the original hyperscale cloud platform and a critical profit engine, contributing roughly 60% of operating income. AWS remains a leading cloud platform and a key profit driver, with strong positioning in AI supported by proprietary chips such as Graviton and Trainium. Despite elevated capital expenditures tied to AI, logistics and other growth initiatives, Amazon’s financial position remains exceptionally strong, with significant net cash and a well-laddered debt profile. Current earnings understate normalized profitability, in our view, due to heavy reinvestment across multiple initiatives, including AI infrastructure, robotics and new delivery capabilities. As these investments mature, we believe both revenue growth and margins should expand. At our initial purchase, the stock traded near historic valuation lows relative to its earnings power, offering an opportunity to own a premium, structurally advantaged business at a market-like multiple, with potential additional upside from its fast-growing, high-margin advertising segment.

6. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holdings in Q1 2026: 275

Even though the shares remain lackluster, Jim Cramer is refusing to give up on AI chip giant NVIDIA Corporation (NASDAQ:NVDA). The CNBC TV host continues to believe that the firm is one of the top companies in the world. NVIDIA Corporation (NASDAQ:NVDA)’s shares are up by 28% over the past year and by 11.7% year-to-date. TD Cowen reiterated a Buy rating and a $275 share price target on the firm on July 2nd. The financial firm discussed NVIDIA Corporation (NASDAQ:NVDA)’s hardware and software integration to argue that it held a key competitive advantage as we head into the next phase of the artificial intelligence wave. In this appearance, Cramer complained that NVIDIA Corporation (NASDAQ:NVDA)’s shares simply appeared to be stuck:

“I will tell you that once again NVIDIA was up a dollar, people thought that it was going to trade with the Sandisks of the world, and it’s going back and it’s trading with its own world. Just stuck. It’s just stuck.”

He continued to discuss the shares in a tweet:

“Is Nvidia now sufficiently given up on that it can have the run that the more expensive SanDisk has had now that the Hynix deal is over and you don’t have to sell a semi to buy a semi????”

Baron Opportunity Fund discussed NVIDIA Corporation (NASDAQ:NVDA) in its Q1 2026 investor letter:

NVIDIA Corporation remains the dominant platform for AI training and inference. At GTC, the company unveiled a more diversified product roadmap — including Vera CPU-only servers for agentic workloads and an expanded inference strategy — reflecting the organizational agility we look for in management teams. We continue to view NVIDIA as the leading merchant platform for bringing AI to the world, with a long runway driven by enterprise adoption and Physical AI.

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