The analysts do not see an AI bubble, but mark winners and losers in the market

For example, the chip analyst at the investment bank Cantor Fitzgerald, C.J. Muse, expands the definition of the AI ​​industry to a long list of fields – chips, chip equipment, internet, software, and more, and notes that Cantor is currently surveying over 100 stocks that have backing from the fields of artificial intelligence. Muse believes that there is no AI bubble today, and points out a number of prominent stocks that have underperformed relative to the Nasdaq 100 index since the beginning of this year: for example Meta, Amazon, Tesla, in his estimation that this provides “an excellent opportunity to select quality companies at discount prices.”

Among Cantor’s recommendations, we can mention chip equipment companies ASML , Lam Research and-MKS . Nova andCamtech The Israeli companies were not chosen as favorites by the investment bank, even though Nova is recommended by Cantor as an “excessive yield” (Kamtec receives a “neutral” recommendation).

In the field of chips, Cantor’s preferred stocks include Nvidia , Broadcom , Micron , Seagate and-Western Digital . The internet and giant companies field includes the Microsoft , Amazon Meta, Oracle and CoreWeave – but not the Israeli companies Monday and Nice and not Palantir, Google and other companies.

An Israeli who does enter the list of favorites is Wix which provides a platform for building and managing websites. Also the cyber giant Palo Alto which acquires the Cyberark From Israel, recommended by Cantor. Both enter the field of software and AI agents, along with a long list of recommended ones Salesforce , Zscaler , Rubric and more. In the mobility sector stocks are recommended Tesla , Doordash and-Aurora Innovation .

Underestimating the future of AI

Wedbush technology analyst Dan Ives also recently published a list of AI “winners,” some of which overlap with Cantor’s recommended list. His division is slightly different, but he also recommends Microsoft, Amazon, Broadcom, Meta, Nvidia, Oracle, Palo Alto, Tesla and Zscaler. Unlike Kantor, he also recommends dark , Alphabetical (Google) , IBM , Palantir andShopify .

Ives also believes that there is no AI bubble. He recently interviewed Yahoo Finance and said there that “We are at a very early stage in the AI revolution, when only 3% of US companies currently have a clear path to the field.” He also predicted that spending on AI will reach 550-600 billion dollars in 2026 by government and business customers, adding that investors underestimate what is expected in the future. “It is now 10:30 in the evening at the AI party, which lasts until Four in the morning, and the bears are watching the party through the window,” defined Ives.

The research company Alpine Macro also addressed the question of the bubble this week, and without referring to specific stocks, strategist Henry Wu wrote that “artificial intelligence has become so central to the markets and the economy that when AI sneezes, the rest of the S&P 500 index catches a cold.” He refers to three risks: the capital expenditures (CAPEX) on AI and their financing, the obsolescence of AI chips and changes in leadership in the field that can arise (he calls it “another DeepSeek moment” – after the Chinese company that shocked the world last year, when it presented a surprisingly advanced model). His conclusion is that these risks are limited and should not harm the story of the AI. “We continue to see outperformance from the companies that are in the ‘bottleneck’ of essential components and high concentration,” he said.

The androgyny in the competition

And if there are those who win, there are of course also the losers. This week, Ives and his partners from Wedbush also published a review on the “AI losers” – including one Israeli stock: Nice, whose recommendation accordingly dropped from “overweight” to “neutral”, and the target price was cut from $170 to $120 (a 12.3% premium).

According to Wedbush economists, the competitive environment in the market where Nice operates (AI for the customer experience field) is becoming more difficult, and they note that giants such as Alphabet, Microsoft and Amazon are squinting at the field. They mention that shares of software companies like nice , Adobe , Docusign and-Workday Hurt by fears that AI will make their solutions too outdated, they don’t think they’ll be able to make a comeback.

Like Nice, the giant companies also compete with smaller companies from the advertising field such as Pinterest and-Trade Desk and in delivery and cooperative transportation companies such as Instacart, Uber and-Lyft . For example, according to Wedbush – Amazon, Google and Meta are preferred by advertisers, while Tesla and Google (through Waymo) are performing a fundamental “disruption” in the transportation companies.

Other losers that Ives and Wedbush mark are Intel , HP andQualcomm who believe that the boom in AI is harming their core business – since the costs of memory components are increasing and they will not be able to pass them on to their customers.