NVIDIA still there? Fidelity identifies top AI stocks for 2026

• NVIDIA is the largest single position in several Fidelity funds, with a weighting of up to 26 percent
• Fidelity sees AI as the most powerful wave of innovation in the past 25 years
• Tech companies have increased their capital spending to over $300 billion

AI boom is changing the markets permanently

The AI ​​boom has long since developed from a chatbot phenomenon to a fundamental infrastructure expansion. As a December 2025 report from Fidelity shows, the AI ​​revolution has now touched nearly every U.S. market sector and is responsible for around 60 percent of recent economic growth.

Fidelity fund manager Adam Benjamin, who manages the Fidelity Select Technology Portfolio and the Fidelity Select Semiconductors Portfolio, describes AI as the most powerful and far-reaching of all the waves of innovation and disruption he has seen in his 25 years in the technology industry. Technology is currently overshadowing everything else.

NVIDIA stock remains Fidelity’s top holding

When asked about the most promising AI stocks for 2026, NVIDIA continues to be at the top at Fidelity. As shown in TheStreet fund data as of December 6, 2025, NVIDIA is the largest single position in the Fidelity OTC portfolio, accounting for 15.7 percent of the $35 billion portfolio. In the Fidelity Select Technology portfolio, NVIDIA even accounts for around 26 percent.

Fidelity fund manager Chris Lin, who manages the Fidelity OTC portfolio, emphasizes that most investors underestimate the long-term impact of AI. Although no one knows how long development will take, Lin is convinced that AI will ultimately have an enormous impact.

In addition to NVIDIA, Lin also highlights Taiwan Semiconductor Manufacturing (TSMC) as a second major provider of computing power. The stock is the ninth largest position in the Fidelity OTC portfolio with a share of 2.8 percent. AI requires computing power, and these two companies are the main providers of it, Lin said.

Hyperscalers are investing record sums

The major tech companies Amazon, Microsoft, Alphabet and Meta Platforms have increased their annual capital expenditure from around $100 billion in 2023 to over $300 billion in 2025. This sum could exceed half a trillion US dollars in the coming years, as Fidelity fund manager Priyanshu Bakshi explains.

Despite the high valuations, Jurrien Timmer, Fidelity’s Director of Global Macro, does not see a bubble threat as in the past. Today’s valuations are not nearly as high as during previous bubble extremes. Unlike during the Internet boom, when spending was largely funded by debt, current AI investments would be funded primarily with cash from highly profitable companies.

In addition to NVIDIA and TSMC, Fidelity sees further potential in semiconductor and memory manufacturers such as Micron Technology, Broadcom and Marvell Technology, all of which provide important components for AI infrastructure.

D. Maier / editorial team finanzen.net

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