Wedbush Securities analyst Dan Ives, widely considered one of, if not the biggest, technology bull on Wall Street has announced his top artificial-intelligence plays for 2026. Surprise, Nvidia isn't one of them.

"Heading into 2026 investors are both excited and nervous about the AI Revolution," Ives wrote in a Monday note to investors, pointing to what he calls a potential fourth industrial revolution, as well as concerns over the capital needed to fund it.

To navigate what he called an "inflection point" for AI, he's picked out five top stocks. Three of them are members of the so-called Magnificent Seven, a group of high-growth tech companies. From that crowd, Ives picked out (Microsoft), Apple $(AAPL)$ and Tesla $(TSLA)$.

Both Microsoft's and Apple's stocks, which have gained about 16% and 9%, respectively, in 2025 have lagged behind the S&P 500 SPX, which has advanced 17%, as of midday trading on Tuesday. Tesla stock has climbed 14%.

Wall Street, Ives said, is underestimating Microsoft's Azure cloud computing program, which he thinks will grow in the near future. Microsoft has also partnered with OpenAI, has ramped up spending on AI infrastructure and is trying to promote the integration of its Copilot AI offering in its Office 365 business.

As for Apple, the "elephant in the room" is the company's "invisible AI" strategy, according to Ives. The company has leveraged partnerships and been more disciplined with AI spending than many of its peers, but has also made a series of missteps.

"The time is now for Apple to accelerate its AI efforts," Ives said, adding that Wedbush thinks AI monetization could add as much as $100 per share to the company's value over a few years.

Tesla has long been a favorite of Ives, who recently outlined a path for the company to be worth as much as $3 trillion by the end of next year. compared with the current market capitalization of about $1.5 trillion. The company plans to continue developing autonomous vehicles, humanoid robots and refine its advanced driver assistance system in 2026.

Palantir Technologies (PLTR), which like Tesla has been described as a "cult stock," is another of Ives's picks. The analyst pointed to the "unprecedented" demand for its AI system among government and commercial players. The $439 billion company has a "golden path" to a $1 trillion value, Ives said.

Rounding out the list is CrowdStrike Holdings (CRWD), which Ives thinks is being underestimated by the Street. He believes the software company is set to continue capitalizing on interest in AI-powered cybersecurity.

"In a bull case scenario we can see [CrowdStrike] shares hitting $700 over the next year as the company executes on its core growth strategy," Ives said last week. It currently trades at about $477 per share.

Despite snubbing Nvidia (NVDA), Ives said that the chipmaker is still one of Wedbush's top tech picks for next year. In an earlier note, he predicted that Nvidia will get further access to the Chinese market and maintain its status as a dominant chipmaker.