Wedbush has added CrowdStrike (NASDAQ:CRWD), Roblox (NYSE:RBLX), GE Vernova (NYSE:GEV), and Nebius (NASDAQ:NBIS) to its IVES AI 30 list.
Meanwhile, the analysts have removed CyberArk (NASDAQ:CYBR), C3.ai (NYSE:AI), Adobe (NASDAQ:ADBE), and Elastic (NYSE:ESTC) from the list.
The IVES AI 30 list is a group of 30 tech companies analysts led by Daniel Ives believe will define the future of the AI theme over the coming years. In May, Ives and his team selected 30 tech names, including American companies Apple (AAPL) and Nvidia (NVDA) and China’s Alibaba (BABA) and Baidu (BIDU) to the IVES AI 30 list. The following month, Wedbush launched a new ETF focused on AI called the Dan Ives Wedbush AI Revolution ETF.
Additions to the IVES AI 30
CrowdStrike (NASDAQ:CRWD): The analysts added CrowdStrike to the list noting that the company remains incrementally well-positioned to capitalize on the AI Revolution with more module add-ons within its core verticals with continued adoption of data protection and Charlotte AI, which continues to see strong deal flow.
Roblox (NYSE:RBLX): Roblox provides a compelling portfolio of incentives for its developers while its AI-driven discovery initiatives are driving increased platform adoption, leading to stronger monetization over the coming quarters, according to the analysts.
GE Vernova (NYSE:GEV): Ives and his team said the company continues to capitalize on higher demand for electrification with the continued buildout of data centers across hyperscalers while providing necessary tools for grid management.
Nebius (NASDAQ:NBIS): The company continues to see robust demand for its AI infrastructure business while looking to increase its data center capacity over the coming years and noting seeing its demand still outpacing supply for its capabilities.
Removals from the IVES AI 30
C3.ai (NYSE:AI): Ives and his team removed C3.ai from the AI 30 after news around the recent sales organization restructuring, while CEO Thomas Siebel stepping down had a major impact on the company’s financials, “with speed bumps ahead.” However, the analysts noted that they still remain positive on the company’s path.
CyberArk (NASDAQ:CYBR): The analysts removed CyberArk from the AI 30 following Palo Alto Networks’ (NASDAQ:PANW) planned $25B acquisition of CyberArk, with Palo Alto now set to capitalize on this home-run M&A deal. Palo Alto is already included in the AI 30 list.
Adobe (NASDAQ:ADBE): Wedbush removed Adobe noting that the company sees weaker runway ahead with more concerns regarding its product portfolio being disrupted by AI, which may impact the company’s growth and free cash flow, or FCF, generation. “Adobe is off to a slower AI start than we had anticipated,” the analysts added.
Elastic (NYSE:ESTC): Ives and his team removed Elastic from the AI 30 list as the company is seeing some slowdown in the public sector despite seeing incremental funding for software and AI improvements across the federal government. The analysts said they are still bullish on Elastic but see other tech plays now ahead in the IVES AI 30 List.