We recently published a list of 10 Trending AI Stocks on Wall Street Right Now. In this article, we are going to take a look at where Apple Inc. (NASDAQ:AAPL) stands against other trending AI stocks on Wall Street right now.

US President Donald Trump wrapped up his tour of the Middle East today, concluding numerous high-profile deals and diplomatic engagements with countries such as Saudi Arabia, Qatar, and the United Arab Emirates (UAE).

On his last stop of the Gulf tour, Trump inked a massive AI data centre project where the two countries will be partnering on an artificial intelligence campus. Trump noted that the United Arab Emirates and the United States had agreed on a path for the Gulf country to buy advanced AI semiconductors from U.S. companies. This marks a significant step forward in Abu Dhabi’s efforts to become a global AI hub.

The AI agreement “includes the UAE committing to invest in, build, or finance U.S. data centres that are at least as large and as powerful as those in the UAE.”

READ ALSO: 10 AI Stocks on Wall Street’s Radar and 9 AI Stocks Poised to Gain from Trump’s Middle East AI Push.

Trump also pledged to strengthen U.S. ties to the United Arab Emirates, announcing deals with the Gulf state totalling over $200 billion. The two countries have agreed to deepen cooperation in artificial intelligence.

The US and UAE have agreed to establish a “US-UAE AI Acceleration Partnership” framework. Trump and Sheikh Mohamed also attended the unveiling of the new 5GW AI campus. This would be the largest outside the United States. However, the countries did not specify which AI chips from Nvidia or other companies could be included in the data centres.

“In the UAE, American companies will operate the data centers and offer American-managed cloud services throughout the region. The agreement also contains strong security guarantees to prevent diversion of U.S. technology.”

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For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds. The hedge fund data is as of Q4 2024.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points  (see more details here).Wedbush: Apple (AAPL) Eyes India as Key iPhone Hub

A wide view of an Apple store, showing the range of products the company offers.

Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 166

Apple Inc. (NASDAQ:AAPL) is a technology company known for its consumer electronics, particularly the iPhones and MacBooks. On May 16, Wedbush reiterated the stock as “Outperform” with a $270 price target. The firm said that Apple is doubling down on its production strategy for the iPhone 17, and that its manufacturing will be centered in India and China.

“We believe that Apple could ramp iPhone assembly production in India up to 60%-65% by the Fall in a best case scenario but could easily pivot back to a China driven iPhone strategy depending on the tariff situation and deal negotiations.”

The firm praised CEO Tim Cook for managing an “unprecedented supply chain situation,” stating how the recent pause in U.S.-China tariff tensions offers Apple “a number of strategic options.” Even though Apple has massive U.S. investments, the firm sees “no chance that iPhone production starts to happen in the U.S. in the near term,” due to a “Herculean-like supply chain” and cost model. These factors have the tendency to drive iPhone prices to about $3,500.

Overall, AAPL ranks 5th on our list of trending AI stocks on Wall Street right now. While we acknowledge the potential of AAPL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk.  If you are looking for an AI stock that is more promising than AAPL and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.

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