In this article, we will take a detailed look at: Wall Street Analysts Can’t Stop Talking About These 10 AI Stocks.
Henry Ajder, Latent Space Advisory founder, said in a latest program on CNBC that lack of fresh data remains a key challenge for the performance of AI systems after a period of “huge” developments and fast learning.
“I think data is the real problem here. We have a finite amount of data available on the internet and a limited number of sources for live, fresh data. I believe this is becoming an increasingly significant challenge, especially as legal issues surrounding how companies obtain and use data are becoming more prominent,” the analyst said.
Ajder believes there won’t be a complete “halt” to the progress in AI systems but in 2025 we are expected to see a slowdown. Answering a question about the AI’s ability to make up data, called synthetic data” to train itself, the analyst said this domain has shown promise but there are risks of synthetic data potentially corrupting the training models.
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For this article we picked 10 AI stocks currently trending based on latest news. With each stock we have mentioned the number of hedge fund investors. 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 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
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10. Palantir Technologies Inc (NASDAQ:PLTR)
Number of Hedge Fund Investors: 43
Lee Munson, president and CIO of Portfolio Wealth Advisors, explained in a latest program on Schwab Network why he would consider buying Palantir on a dip:
“I love the military AI stuff; we’re going to need so much more of it. I mean, they’re just a category killer. They also have almost a 400 PE, which has done a little too fast, too soon. I don’t own any Palantir Technologies Inc (NASDAQ:PLTR), and neither do my clients. But let me tell you, if that price came down, I would be a buyer.”
What makes Palantir Technologies Inc (NYSE:PLTR) one of the top AI stocks? Its technologies are actually solving the problems of businesses. Palantir’s data technology Ontology is solving the famous hallucination problem for AI systems, thanks to the company’s years of experience with military and defense systems. Earlier this year at an event with customers, Palantir Technologies Inc (NYSE:PLTR) shared some specifics on how its customers are being able to reduce costs and increase profits due to its artificial intelligence platform (AIP) that was launched about a year ago.
Airbus accelerated A350 production by 33%, BP reduced costs per barrel by 60%, and Jacobs Connect cut power usage by 30%. Panasonic decreased waste by 12%, ESI Group sped up ERP harmonization by 70%, and PG&E reduced transformer ignitions by 65%. Eaton boosted productivity by 25%, while Tyson Foods achieved $200 million in cost savings.
Fidelity Growth Strategies Fund stated the following regarding Palantir Technologies Inc. (NASDAQ:PLTR) in its Q3 2024 investor letter:
“Untimely ownership of Palantir Technologies Inc. (NASDAQ:PLTR) (+47%) also hurt the fund’s relative result. This software and services firm, which operates in both government and commercial segments, saw strong growth during the quarter, largely driven by its “AIP” – or Artificial Intelligence Platform – offering. In early August, the company reported Q2 financial results that mostly met somewhat lofty expectations. We established a sizable holding in Palantir Technologies during the quarter, and at quarter end it was the second-largest position and a slight overweight.”
9. Tesla Inc (NASDAQ:TSLA)
Number of Hedge Fund Investors: 99
Lee Munson, president and CIO of Portfolio Wealth Advisors, explained in a recent program on CNBC why he “hates” Tesla cars and why he recommends selling the stock:
“I hate the product, you know. My analyst, Jesus, and I went out to go see Iron Maiden in San Diego. We had to rent a Tesla Inc (NASDAQ:TSLA) to check it out. Everything about that car, I hate. Every general manager, some of them are clients that run auto dealerships, you can make a lot of money doing auto dealerships, let me tell you, they all say the same thing: People are coming in and saying, “Is it morally okay if I switch back to gas?” Because people don’t want electric cars, they want a Tesla. It’s an old design. It’s up 50% since the election. I’m sorry, Elon Musk is going to make bank hanging out being a bro with Trump on SpaceX. Tesla is a car company, it’s not a tech company. When I say valuations don’t matter, there’s a line in the sand, and Tesla just crossed it. So I’m not in it.”
Looking beyond the recent spike in Tesla shares amid Donald Trump’s victory, Tesla’s fundamentals are challenged. How? Tesla Inc’s (NASDAQ:TSLA) key robotaxi event was short on details. Notably absent was the discussion of a “more affordable” model that Musk had previously mentioned to boost confidence in Tesla’s vehicle sales growth outlook.
What about the $30,000 price tag claim?
Musk has indicated that the Cybercab will have a production cost of approximately $30,000. Operating within the robotaxi fleet is projected to cost around $0.20 per mile. With a production cost of $30,000, the retail price of the Cybercab is likely to exceed this figure. For instance, if the Cybercab is priced at $30,000 per unit, that translates to $15,000 per seat. In contrast, the average price per passenger seat in Tesla Inc (NASDAQ:TSLA)’s most affordable long-range RWD Model 3—factoring in full self-driving (FSD) licensing—is under $10,000 ($29,990 post-incentive vehicle price plus $8,000 for the FSD license, divided by four passenger seats). Regarding operational costs, while the Cybercab is expected to cost $0.20 per mile, charging the Model 3 is estimated at under $0.10 per mile, leaving a significant margin to cover maintenance and downtime.
There is a lot of hype around Tesla Inc (NASDAQ:TSLA) robo taxis but many believe they will not be enough to fix the company’s long-term challenges.
What are these challenges?
Tesla Inc’s (NASDAQ:TSLA) product lineup is showing signs of stagnation, with over 95% of sales still coming from the Model 3 and Model Y. Meanwhile, competitors are rolling out more advanced models. Even Rivian’s CEO suggested Tesla Inc (NASDAQ:TSLA) could be nearing market saturation for these models. According to Reuters, Tesla’s market share in Europe is slipping as legacy automakers like BMW post stronger sales. Chinese competitor BYD is also gaining ground in Europe, despite talk of tariffs.
Polen Focus Growth Strategy stated the following regarding Tesla, Inc. (NASDAQ:TSLA) in its Q3 2024 investor letter:
“The largest relative detractors during the quarter were Apple, Airbnb, and Tesla (not owned). We’ve spoken at length about our rationale for not owning Tesla, Inc. (NASDAQ:TSLA). In short, the market seems to be pricing in a lot of positive optionality for this company in the near-to-intermediate term (and particularly a fully autonomous fleet of electric vehicles in the medium term). What exists today is an automobile manufacturer limited to the higher-income segment that is increasingly challenged to sell vehicles when interest rates are not zero. We continue to question the company’s long-term growth profile and governance.”
8. Salesforce Inc (NYSE:CRM)
Number of Hedge Fund Investors: 116
Salesforce Inc (NYSE:CRM) has been upgraded to “Overweight” from “Sector Weight” by KeyBanc. They believe Salesforce’s new AI tool, Agentforce, is a big deal for business software.
KeyBanc analysts are enthusiastic about Agentforce’s potential. They stated, “The energy around Agentforce is pervading our conversations with Salesforce customers, partners, and investors. We are fans of this agentic wave in artificial intelligence compared to its copilot predecessor and believe there is real potential for Agentforce to pull activity across Salesforce Inc (NYSE:CRM) Clouds into its demand orbit.”
KeyBanc has set a $440 price target for Salesforce stock.
Polen Focus Growth Strategy stated the following regarding Salesforce, Inc. (NYSE:CRM) in its Q3 2024 investor letter:
“In the third quarter, we purchased new positions in Apple and Oracle and eliminated our small positions in Nike and Salesforce, Inc. (NYSE:CRM). We exited our position in Salesforce to fund better opportunities in Shopify and MSCI. Salesforce is seeing slower revenue growth than we would have expected, given the weakening macroeconomic environment. Furthermore, since its core end markets in customer relationship management (“CRM”) and Service are fairly mature, a lower growth level versus our expectations could persist for some time.”
7. Broadcom Inc (NASDAQ:AVGO)
Number of Hedge Fund Investors: 128
Stacy Rasgon, Bernstein senior analyst, explained in a latest program on CNBC exactly why Broadcom Inc (NASDAQ:AVGO) shares shot up after its latest quarterly results:
“It looks like the performance was driven by AI. They reported $12.2 billion for the year, which translates to roughly $37 billion for the quarter. The guidance was around $35 billion, so the AI performance for the quarter exceeded expectations. Even though the revenue outlook for fiscal Q1 is roughly in line with expectations, investors were worried about things like wireless seasonality into Q1 and some potential lumpiness in AI. We’ll get more details on the segments during the call, but as of right now, the inline revenue seems to be in line with where investors expected it to be going into the quarter, which is likely why the stock is up.”
Broadcom Inc (NASDAQ:AVGO) continues to be a leader in the AI ASCI and networking chips market. Broadcom Inc (NASDAQ:AVGO) has 3nm AI ASIC chip deals with Alphabet and Meta in addition to many other tech giants aiming massive spending for AI hyperscaling.
However, the stock could face the impact of what Nvidia is facing today: too high expectations.
In the latest quarterly results, Broadcom Inc (NASDAQ:AVGO) revenue was largely in line with estimates. The company has narrowly exceeded revenue expectations by less than 5% in most cases. Some analysts suggest Broadcom’s growth rates will moderate to below 20% CAGR starting the first quarter of 2025. In fiscal Q4, it was +50% topline growth. The market won’t be kind to the stock when the revenue growth rate slows. Broadcom has about $58 billion in net debt, which is relatively high.
Columbia Threadneedle Global Technology Growth Strategy stated the following regarding Broadcom Inc. (NASDAQ:AVGO) in its Q3 2024 investor letter:
“Similar to the earnings results for Nvidia, shares of Broadcom Inc. (NASDAQ:AVGO) initially sold off after the company reported solid earnings that fell light of elevated market expectations, but the stock did recover from its drawdown in the matter of a few weeks. With an enticing combination of custom chip offerings as well as networking assets, Broadcom remains one of the best positioned companies as part of the AI revolution. Broadcom outlined a path to derive a majority of its revenue from the AI end market within a couple of years, and the non-AI part of the business has stabilized after a deep correction. The company’s dominant market position in its end markets, along with durable growth, strong margins and best-in-class capital allocation, presents an opportunity to compound capital over time.”
6. Apple Inc (NASDAQ:AAPL)
Number of Hedge Fund Investors: 158
Dan Niles, Niles Investment Management founder and portfolio manager, said while talking to CNBC earlier this month that Apple Inc (NASDAQ:AAPL) is one of the stocks that should worry investors. He explained his case:
“The company has grown revenues cumulatively, if you include this year’s calendar year, at 5% over the last 3 years. And every product, you know, people go, ‘Oh my God, Vision Pro is going to be terrific,’ and then you figure out, no, nobody’s going to wear ski goggles on their head. Then you look at what’s going on with the iPhone and the features they’ve rolled out, which surprised me because they weren’t particularly good to start with. They’re going to get upgraded in December in the US, but then you have to wait for next year for it to be upgraded in the rest of the world. And you’ve got a company that’s also trading at a 33 P/E for 5% revenue growth over the past three years combined. So that’s the other one where if people finally go, ‘You know what? The problem isn’t this. It’s market share losses to people like Huawei that have resurged in China.’”
Parnassus Growth Equity Fund stated the following regarding Apple Inc. (NASDAQ:AAPL) in its Q3 2024 investor letter:
“Apple Inc. (NASDAQ:AAPL) shares rose during the quarter, making our underweight position a relative detractor. Investors reacted positively to the new iPhone 16 lineup and its advanced features, including generative artificial intelligence, greater durability and increased processing power.”
5. NVIDIA Corp (NASDAQ:NVDA)
Number of Hedge Fund Investors: 193
Howard Chan from Kurv Investment Management said while talking to Schwab Network in a recent program that Wall Street’s high expectations with NVIDIA Corp (NASDAQ:NVDA) are a concern for him despite the company being a “very strong” player in the AI infrastructure market.
“We think they are a very strong player and maybe a dominant player in the infrastructure space. But, you know, I have to mention that they had a pretty good earnings report this past quarter. However, the market was disappointed, and that’s what we’re worried about because we think the expectations may be too high.”
Chan is right. Simply beating earnings estimates is not enough for NVIDIA Corporation (NASDAQ:NVDA) anymore, and the impact of high expectations will continue to weigh on the stock as growth cools.
Nvidia’s forward P/E ratio for the fiscal year ending January 2026 is around 31. An EPS surprise of 8.5% was not able to help the stock. A similar trend occurred following the second-quarter earnings after a 5.6% EPS surprise. It’s difficult to see Nvidia maintaining a mid-70s gross margin by the end of 2026. Over the last two quarters, Nvidia has already reported a drop in its gross margin from 78% to 74.5%.
Then there’s competition. Amazon (AMZN) recently disclosed its Trainium 3 chip, which is set to be released by the end of 2025. The chip is expected to be twice as fast with 40% more power efficiency than the previous generation, manufactured on TSMC’s (TSM) cutting-edge N3 technology. Reportedly, technology giant Apple (AAPL) will be a consumer of Amazon’s new silicon.
Parnassus Growth Equity Fund stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q3 2024 investor letter:
“NVIDIA Corporation (NASDAQ:NVDA) shares finished the quarter with a negative return, so our underweight (yet still large) position was a relative contributor. Although the semiconductor company released robust quarterly sales figures and issued encouraging guidance for the current quarter, its stock declined amid investor skepticism that its rapid pace of growth can continue.”
4. Adobe Inc (NASDAQ:ADBE)
Number of Hedge Fund Investors: 123
Charlie Miner from Third Bridge recently explained on Schwab Network the core problems faced by Adobe.
“What Adobe Inc (NASDAQ:ADBE) is really struggling with right now is the lack of a growth catalyst. You can go back to the fall of 2022 when they proposed a $20 billion acquisition of Figma. They knew their core business, the digital media segment, was slowing in growth. Because that deal fell through and with the development of generative AI, Adobe is now looking to AI for Firefly as that catalyst.
The problem is Adobe’s approach has been adopt-now, monetize-later. Given the resources and the money they’re putting into this, investors are becoming increasingly frustrated that they’re not pulling that monetization lever. What we’re wondering is, despite customers telling me and others that the products are good and that they’re using them, how much are they actually going to pay for them? And how significant of a revenue driver is this going to be in 2025?”
Adobe Inc (NASDAQ:ADBE) has become a complex case for analysts who are still gauging whether Adobe would be a net beneficiary of the AI boom or a loser. On the one hand, Adobe Inc (NASDAQ:ADBE) is under threat with tons of AI tools good enough to make beginner-level designs, posts and videos for individuals or companies with low or no marketing budget. But on the other hand, the company is launching several AI-powered tools and integrating generative AI tools in its products that could boost its revenue in the future.
Polen Focus Growth Strategy stated the following regarding Adobe Inc. (NASDAQ:ADBE) in its Q3 2024 investor letter:
“We added to several existing positions in the quarter including Adobe Inc. (NASDAQ:ADBE), Workday, Shopify, MSCI, and Paycom Software. We feel Adobe is poised for re-accelerating revenue and earnings growth partially due to the monetization of its Firefly GenAI product embedded in its creative software.”
3. Alphabet Inc Class C (NASDAQ:GOOG)
Number of Hedge Fund Investors: 160
Lee Munson, president and CIO of Portfolio Wealth Advisors, explained in a latest program on CNBC why he likes Alphabet Inc Class C (NASDAQ:GOOG) stock:
“Everybody likes to rip on Google because they’re always like second place in implementation, you know, second or third place in Cloud. They’re known as a company that always executes second best. But here’s the thing: If you want to win the Tour de France, just come in fourth place on every single race, and you will win the championship, right? And so Google is that same way. I think Gemini’s had, you know, it’s got bad press from the Olympic ads and people want to bag on it. More people are looking at Gemini and happy with the effect than on ChatGPT. You know, everybody is getting used to the idea of what Gemini is, and most importantly, Google figured out how to have Gemini link back to sponsored content. The cash cow keeps going. Antitrust doesn’t care. The quantum chips, you know, that doesn’t mean a lot to me, but it’s all positive PR Google needs. It’s cheap, and I love cheap cash cows.”
The market has been ignoring Alphabet Inc (NASDAQ:GOOGL)’s key secondary businesses and the stock remains undervalued despite concerns around AI search and regulatory onslaught.
Alphabet Inc (NASDAQ:GOOGL)’s secondary ventures in AI, autonomous driving, and other areas are making solid progress, especially in the Waymo robotaxi segment. Currently, Alphabet Inc (NASDAQ:GOOGL)’s stock trades below 20 times forward earnings, offering potential upside as EPS and other financial metrics strengthen in coming years. For next year, the consensus EPS estimate sits around $9. However, Alphabet Inc (NASDAQ:GOOGL) has consistently beaten projections, delivering $7.54 in trailing twelve-month EPS compared to the expected $6.79—a roughly 11% outperformance.
With the 2025 EPS forecast at around $9, Alphabet (NASDAQ:GOOGL) could realistically achieve earnings closer to $10 if it maintains its historical outperformance rate. At a projected $10 EPS, Google’s forward P/E multiple would be approximately 17, a relatively low valuation for a diversified market leader.
What are the key drivers for Alphabet (NASDAQ:GOOGL)?
Alphabet Inc (NASDAQ:GOOGL) remains on track to reach a $100 billion revenue run rate from YouTube Ads and Google Cloud by the end of 2024. In its autonomous driving division, Waymo has shown notable progress, with paid autonomous rides growing 200% quarter-over-quarter to 150,000 weekly rides as of late October, thanks to a fleet of 700 vehicles in service since August.
This growth is significant: Waymo vehicles now average about 30.6 autonomous rides per day—substantially higher than Uber’s average of 4.18 rides per driver daily, based on Uber’s 31 million daily trips and 7.4 million drivers last quarter. This performance underscores Waymo’s competitive edge in autonomous ride volume compared to traditional ride-hailing.
In the third quarter, Alphabet Inc (NASDAQ:GOOGL)’s Search & Other segment saw a 12.2% year-over-year revenue increase, rising from $44.03 billion to $49.39 billion. YouTube advertising also performed well, with revenue up 12.2% to $8.92 billion from $7.95 billion. Meanwhile, Alphabet Inc (NASDAQ:GOOGL)’s subscriptions, platforms, and devices revenue grew even more sharply, surging 27.8% from $8.34 billion to $10.66 billion.
Google Cloud has been expanding steadily, with revenue climbing from $13.06 billion in 2020 to $33.09 billion in 2023. Notably, Google Cloud turned profitable for the first time in 2023, posting $1.72 billion in operating profit—a significant improvement from a $5.61 billion loss in 2020. This segment’s performance continues to strengthen, with the latest quarterly revenue reaching $11.35 billion, up 35% from $8.41 billion in the same period last year.
Conventum – Alluvium Global Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its Q3 2024 investor letter:
“Alphabet Inc. (NASDAQ:GOOG), ie Google/YouTube, having returned 20.8% in the June quarter, gave a fair bit of that back by falling 8.8%. Its results seemed pretty positive, and appeared to beat expectations. Management claims its AI integration into its search business is working well, and the margin expansion from costs out is expected to continue. Market chatter suggests that the selloff stems from concerns about the high capital spending on servers and data center equipment. Alphabet has made it clear that this spending is necessary, and somewhat defensive as it can’t risk losing the AI war (a “build it, and they will come” approach). Also, the new Department of Justice case against it probably did not help matters. Nonetheless, we saw no need to adjust our estimates. We wrote last quarter that it traded at a premium to our valuation, but not so much as to warrant selling. With the share price falling and the premium reducing, our view is unchanged. It represents 4.4% of the Fund.”
2. Meta Platforms Inc (NASDAQ:META)
Number of Hedge Fund Investors: 235
Mizuho said in a latest note that Meta Platforms Inc (NASDAQ:META) is one of the companies that are the leaders in monetizing generative artificial intelligence as 2025 approaches.
“While GenAI is still in nascent stages of transforming business processes at scale, following a somewhat slow beginning to 2024 we have seen more notable progress towards enterprise adoption over the past few months,” Mizuho analysts, led by Gregg Moskowitz, said in the report.
“Customers in various sectors are exploring the use of GenAI for a variety tasks, be it automating software development through AI-driven code generation, optimizing marketing strategies with high-quality customized content, or enhancing user experiences through conversational AI applications,” he added.
Mizuho highlighted that companies heavily investing in AI research and development will play a key role in leading the GenAI space. Meta Platforms is part of this list.
Alger Spectra Fund stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its Q3 2024 investor letter:
“Meta Platforms, Inc. (NASDAQ:META) operates the world’s largest social network, with over 3 billion monthly active users. The company generates more than 95% of its revenue from advertising, evenly split between North America and international markets. During the quarter, shares contributed to performance following the release of strong fiscal second quarter operating results, with revenues and earnings beating analyst estimates. Management also raised their fiscal 2024 revenue guidance, citing improved advertising monetization. CEO Mark Zuckerberg stated that AI has played a key role in these successes, as the company is leveraging AI to enhance targeting, measurement, ranking, and ad delivery. Higher user engagement, driven by video ranking, content recommendations, and single video views, has also supported growth. Additionally, the optimization of ad placements within videos and automation of ad campaigns are further boosting monetization.”
1. Amazon.com Inc (NASDAQ:AMZN)
Number of Hedge Fund Investors: 286
Lee Munson, president and CIO of Portfolio Wealth Advisors, explained on CNBC in a latest program why he loves Amazon stock:
“Everything excites me. Over the last year, we’ve learned that Amazon.com Inc (NASDAQ:AMZN) makes a lot more money by sending us all those cardboard boxes. They’re also making marginal money from selling ads. While this may put some pressure on Google, I believe this trend will continue.
Amazon really represents the retail marketplace, with sellers paying Amazon more to access AI and all the benefits it brings to help them sell more products to Americans—and for us to keep hitting that “buy it now” button. I see Amazon.com Inc (NASDAQ:AMZN) as a retail story, and everything related to the cloud will continue to grow, bringing AI to smaller and midsize businesses and retail sellers. That’s why I love it.”
Amazon.com Inc (NASDAQ:AMZN) threw it out of the park with its latest quarterly results amid strong Cloud growth. Amazon Web Services has generated $27.5 billion in revenue, marking a 19% year-over-year increase. The segment’s operating income is expanding at nearly 2.5 times the rate of its revenue growth, boosting Amazon.com Inc (NASDAQ:AMZN)’s overall operating income. At this pace, AWS is on track to deliver $110 billion in annualized revenue. If it maintains its ~20% growth rate, AWS could reach $125-130 billion in revenue in FY 2025.
For the ongoing quarter, Amazon.com Inc (NASDAQ:AMZN) expects revenue between $181.5 billion and $188.5 billion, implying growth of up to 11%. Amazon.com Inc (NASDAQ:AMZN)’s stock currently trades at a forward P/E of 32.9, higher than the big tech average of 25.5. If Amazon.com Inc (NASDAQ:AMZN) grows its earnings per share (EPS) by an average of 25% annually over the next three years, it could achieve an EPS of around $9.25 by FY 2027 (up from an estimated $4.74 in FY 2024). Applying a 35x P/E ratio in line with Amazon.com Inc’s (NASDAQ:AMZN) historical average suggests a fair stock value of over $300. The primary catalyst for this target would be AWS’s robust operating income growth.
Meridian Hedged Equity Fund stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its Q3 2024 investor letter:
“Amazon.com, Inc. (NASDAQ:AMZN) is a leading e-commerce company that operates a vast online marketplace for third-party sellers, sells its own products, and provides cloud infrastructure services through Amazon Web Services (AWS). We own Amazon because we believe AWS and advertising will continue to drive long-term revenue growth and profitability improvements. Although the stock didn’t perform well this quarter, we attribute this to a mix of short-term factors, including macroeconomic headwinds impacting consumer and enterprise spending, slowing retail revenue growth, and retail margin expansion falling short of market expectations. Additionally, increased investment in longer-term initiatives like satellite broadband and other experimental projects put further pressure on margins. Despite weaker-than-expected third-quarter guidance, we believe Amazon’s long-term growth story remains strong. We see multiple levers for improved profitability and free cash flow generation over time. We maintained our position in the company during the period.”
While we acknowledge the potential of Amazon.com Inc (NASDAQ:AMZN), our conviction lies in the belief that under the radar AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than AMZN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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