Dan Ives Refreshes “AI 30” Stock List with CrowdStrike, Roblox, GE Vernova, and Nebius

Dan Ives, Wedbush Securities’ longtime head of technology research, is updating his closely followed “AI 30” list, which spotlights the companies he believes will shape the future of artificial intelligence over the next decade.

In a note released Sunday, Ives announced four new additions to the portfolio:

CrowdStrike (CRWD) – The cybersecurity leader is increasingly vital as the expansion of AI intensifies corporate and government demand for data protection.

Roblox (RBLX) – Ives highlighted the gaming platform’s AI-driven personalization efforts, which are boosting user discovery, engagement, and monetization.

GE Vernova (GEV) – As data centers become the backbone of AI, the energy infrastructure spinoff of General Electric is well-positioned to benefit from surging power requirements.

Nebius (NBIS) – Backed by Nvidia, this cloud infrastructure provider continues to face demand surpassing supply, underscoring its strategic importance in the AI ecosystem.

These changes flow directly into the Dan Ives Wedbush AI Revolution ETF (IVES), launched earlier this year. Since inception in Q2, the fund has gained 11.4%.

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Who’s Out of the Club

Ives also cut several once-promising names from the “AI 30,” signaling shifting momentum in AI leadership:

Adobe (ADBE) – Dropped for what Ives described as a “slower-than-expected” pivot into AI capabilities.

C3.ai (AI) – Despite its ticker symbol, the company has stumbled with weak earnings, restructuring, and what some analysts described as “catastrophic” recent results.

Elastic (ESTC) – Removed due to softening public-sector demand, with Ives favoring peers he says are better executing on AI strategies.

CyberArk (CYBR) – Exiting not because of weakness, but because it is being acquired by fellow “AI 30” member Palo Alto Networks (PANW).

The Bigger Picture

For Ives, the “AI 30” is not just a stock list — it’s a roadmap for what he believes will define the “fourth industrial revolution.” With Wall Street looking past the hype cycle, his reshuffling reflects a sharper focus on companies enabling real-world AI adoption, from infrastructure to end-user platforms.

As Ives wryly put it in the note, “some AI stocks are just so last season.”