Tech analyst Dan Ives points to 10 stocks he owns, insists there’s no AI bubble

Tech analyst Dan Ives points to 10 stocks he owns, insists there’s no AI bubble

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AI stocks aren’t in a bubble – they’re just getting started.

That’s the message from Wedbush analyst Dan Ives, who argues that investors are misreading one of the most significant developments in technology since the dawn of the internet.

“[It’s] it’s still very early in this AI revolution,” Ives told Yahoo Finance’s Opening Offer. “Only 3% of companies in the US have gone the AI ​​route. Globally, it is less than 1%.”

In other words, the hype may be strong, but the adoption is nowhere near the late-cycle froth.

This forms the premise of Ives’ new report, which argues that enterprise spending, government demand, and the chip shortage – not speculation – are driving valuations.

Ives has covered technology since the dot-com era and said comparisons to 1999 miss the facts. Back then, the average tech stock traded at 30 times earnings with little more than slide decks and unproven business models.

Today, the biggest players are generating hundreds of billions of dollars in cash, with real infrastructure and customers. Demand for Nvidia ( NVDA ) chips far outstrips supply, he noted.

For Ives, that imbalance isn’t a sign of mania — it’s proof that the industry hasn’t come close to meeting demand. Nvidia currently supplies companies like Amazon (AMZN), Google (GOOGL, GOOG), and Microsoft (MSFT) – the top contenders in the AI ​​arms race.

Dan Ives speaks at BTC, ETH and WLD are Friends on September 16, 2025, in Washington, DC (Tasos Katopodis/Getty Images for Eightco Holdings and BitMine) · Tasos Katopodis via Getty Images

Ives’ top picks are companies he believes are structurally indispensable to the AI ​​economy. They cover chips, hyperscalers, consumer devices, cybersecurity, and autonomous technology.

  1. Microsoft: Most likely to profit as businesses adopt AI tools.

  2. Palantir (PLTR): The go-to software for governments and corporations looking for AI.

  3. Nvidia: The chipmaker powers almost every major AI project.

  4. Advanced Micro Devices (AMD): Nvidia’s biggest challenger, poised to capture more market share as demand explodes.

  5. Tesla (TSLA): Its future growth depends on robotaxis and autonomous AI.

  6. Apple (AAPL): Whatever consumer AI becomes, Apple’s devices and ecosystem will deliver it.

  7. When (WHEN): Early bets on AI are starting to pay off as the company figures out how to change the technology.

  8. Alphabet: Its Gemini model and internal chips put the company at the forefront of the AI ​​race alongside Nvidia.

  9. CrowdStrike (CRWD): AI-powered cybersecurity that businesses increasingly cannot live without.

  10. Palo Alto Networks (PANW): Uses AI to connect security products together — a formula that drives growth.

Notably absent: Amazon, Salesforce (CRM), IBM (IBM), and Intel (INTC).

These are not bearish calls. Ives still included them in his wider “AI 30” universe, which means he sees his head in their future. But they lack what he considers a true category-defining lever in AI innovation. Their positioning is supportive, not fundamental.

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