Dan Ives believes that AI is entering its most lucrative phase yet, with the real money shifting beyond chips and into the companies building products, platforms and real-world applications.
In a new CNBC interview, Wedbush managing director and senior equity analyst Dan Ives lays out his firm’s top AI stock picks for 2026, noting that the next leg of the AI trade will be driven by downstream beneficiaries rather than hardware alone.
Ives says the thesis is around what he calls the “derivatives of the AI revolution,” pointing to a multiplier effect that extends far beyond semiconductor spending.
“For every dollar spent on an Nvidia chip, there’s an $8 to $10 multiplier across the rest of the tech.”
He highlights Microsoft (MSFT) as a core beneficiary of enterprise AI adoption, particularly through cloud and platform demand.
“When you look at enterprise, as you see the movements in the cloud and AI, Redmond, they’re really owning that race. I think this is a stock with $100 upside. That’s why Microsoft sticks out on Azure and AI demand front and center.”
Looking at Apple (AAPL), Ives says the iPhone maker is positioned as a late mover that could see a sharp valuation reset as consumer AI accelerates next year.
“They’ve been on a treadmill at 2.5 speed. They’ve been nowhere in AI. But now, as we go into 2026, we expect a major Google partnership in terms of the spring. Now the consumer AI revolution goes through Cupertino. We talk about $75 incremental [upside] in the stock is the AI multiple. That starts to increase for Apple.”
Tesla (TSLA) remains one of Wedbush’s highest conviction AI names, with Ives describing 2026 as a pivotal year tied to autonomy and robotics rather than electric vehicles alone.
“I think the whole story is the autonomous chapters now coming to Tesla. This is going to be the most important year in its history for Musk and Tesla, because of autonomous and robotics. We think autonomous is worth a trillion dollars alone to the Tesla story, now Musk wartime CEO. And it speaks to our view. For the first time in 30 years, the US is ahead of China when it comes to tech. And I think Tesla is front and center in terms of physical AI. That’s why we love that name.”
Alongside Microsoft, Apple, and Tesla, Wedbush’s top AI picks for 2026 also include Palantir (PLTR) and CrowdStrike (CRWD).
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