Wedbush Securities recently released its list of top 10 recommended tech stocks, including Microsoft (MSFT.US) and NVIDIA (NVDA.US), while explicitly stating that "this is not an AI bubble." Led by analyst Daniel Ives, the team noted a nearly 20% acceleration in AI-related deal flow among hyperscalers, driven by enterprise customers focusing on deploying AI applications by 2026.

The analysts emphasized that the "AI revolution" remains in its early stages, with the next wave of strategic AI adoption expected as more enterprises and CIOs recognize its transformative potential. Ives' team projected: "While tech giants' capital expenditures are estimated at $550–600 billion by 2026, we anticipate massive AI spending from governments, Global 2000 companies, and regions like Asia/Middle East—with U.S. tech leaders positioned as primary beneficiaries."

The research team outlined five key reasons dismissing AI bubble concerns: (1) Consumer-facing AI adoption hasn't begun; (2) Autonomous vehicle technology remains nascent; (3) Robotics are still in lab development; (4) Less than 5% of U.S. enterprises have implemented AI strategies; (5) The global AI transformation is just starting.

Addressing market worries about circular financing between OpenAI and NVIDIA, the analysts dismissed such claims: "NVIDIA and OpenAI are foundational players in the multi-trillion-dollar AI infrastructure buildout... While these strategic moves may cause short-term volatility, we strongly endorse this forward-looking positioning in the global AI arms race."

The firm maintained its bullish stance: "Despite recent investor concerns, we remain steadfastly positive on tech stocks through year-end and toward 2026." The full top 10 list also includes: Palantir (PLTR.US), AMD (AMD.US), Tesla (TSLA.US), Apple (AAPL.US), Meta (META.US), Alphabet (GOOGL.US), CrowdStrike (CRWD.US), and Palo Alto Networks (PANW.US).