Wedbush analyst Dan Ives is rolling into year-end as bullish as ever on the AI boom, calling this “Year 3 of a 10-year cycle” and urging investors to keep buying the winners. But he’s also reshuffling his roster of the top 30 stocks best positioned to ride the wave.
Ives added CoreWeave $CRWV ( ▼ 3.03% ) , IREN $IREN ( ▲ 0.61% ) , and Shopify $SHOP ( ▼ 1.87% ) to his AI winners list, all of which now sit in the Dan Ives Wedbush AI Revolution ETF $IVES ( ▲ 0.5% ) . To make room, he removed SoundHound AI $SOUN ( ▼ 0.81% ) , ServiceNow $NOW ( ▲ 1.09% ), and Salesforce $CRM ( ▼ 1.32% ) .
Why the changes? For the newcomers, he sees upside in AI infrastructure and power capacity. CoreWeave gets a nod as demand for compute continues to outpace supply. IREN impressed him with its push into large-scale power for AI data centers, backed by a secured 3GW portfolio. And Shopify earned a spot thanks to what he views as aggressive integration of AI across both its buyer funnel and operations.
On the removals side, he argues SoundHound faces a tougher competitive landscape, with recent customer growth coming more from M&A than organic wins. ServiceNow’s monetization path looks choppy to him. And Salesforce’s AI payoff is running slower than he expected.
The broader theme is clear: Ives is leaning deeper into the “upstream” AI trade, favoring the companies powering and supplying the boom rather than those closest to end users. He says infrastructure will only get more critical as enterprises scale up AI, widening the gap between compute demand and supply in the years ahead.