Wedbush is doubling down on its bullish outlook for the technology sector, arguing that despite rising 「AI Bubble」 chatter, the market is still in the early stages of a multi-year investment cycle. 

Wedbush analyst Dan Ives stated that 「despite all the AI Bubble talk…to the contrary we have seen ~20% of the AI-driven deal flow」 at hyperscalers accelerate in recent weeks, as enterprise customers rush to deploy new use cases into 2026.

The analyst stressed that 「it is still very early days in the AI Revolution,」 noting that more CIOs are discovering how AI will shape their organizations and drive 「the next wave of massive AI strategic deployments.」 

Wedbush highlighted that Big Tech capital expenditure is set to reach 「$550 billion to $600 billion for 2026,」 and predicted a 「tidal wave of AI-related spending from governments, Global 2000 organizations, and massive spending from Asia/Middle East region,」 with U.S. giants poised to benefit.

Addressing bubble fears, Wedbush argued 「this is NOT an AI Bubble,」 pointing to the fact that 「less than 5% of US enterprises have truly gone down the AI strategic path」 and that robotics, autonomous systems and consumer AI are only beginning. 

The firm believes Nvidia and OpenAI are 「playing a foundational role in the $3 trillion AI buildout」 and called the current phase a 「1996 Moment…NOT a 1999 Bubble Moment.」

Against that backdrop, Wedbush named its top 10 stocks to own into year-end: 

Microsoft is seen as the 「best positioned hyperscaler for AI enterprise deployments」; Palantir; Nvidia, 「one chip in the world fueling the AI Revolution」; AMD; Tesla; Apple, with the 「consumer AI Revolution」 going through Cupertino; Meta; Alphabet; Crowdstrike; and Palo Alto Networks.

Wedbush said it remains 「firmly bullish on tech stocks into year-end and 2026,」 despite what it called 「recent investor bearish fears.」