The S&P 500 ended 2025 at 6,845.5 points, capping three consecutive years of double-digit gains. Rather than predicting a correction, virtually every major Wall Street strategist expects the benchmark to push even higher in 2026.

But where specifically should investors put their money? We surveyed the latest research from Goldman Sachs, Bank of America, J.P. Morgan, and other top firms to identify the stocks analysts are most bullish on heading into the new year.

The Consensus Favorites

Nvidia (NVDA)

Perhaps unsurprisingly, Nvidia remains Wall Street's favorite stock. Dan Ives, Wedbush's global head of technology research, named it his top pick for 2026, while Bank of America's Vivek Arya argues the AI boom is only at the "midpoint" of a decade-long transformation.

The semiconductor giant's dominance in AI chips shows no signs of fading, and enterprise spending on AI infrastructure is expected to accelerate through 2026.

Microsoft (MSFT)

Microsoft earned "Top Pick" status in the large-cap software sector from multiple analysts, with one major firm setting a $650 price target. The company's Azure cloud business and deep integration of AI across its product suite position it as a primary beneficiary of corporate AI adoption.

Amazon (AMZN)

RBC Capital analyst Brad Erickson called Amazon one of his "favorite ideas," citing "best-in-class visibility on AI infrastructure ROIC with compelling product cycle/capacity acceleration cycle coming." The company's AWS cloud dominance and retail efficiency improvements continue to attract institutional conviction.

The Semiconductor Surge

Bank of America's Arya identified six stocks to ride what he calls a "$1 trillion chip surge" in 2026:

  • Nvidia (NVDA) — AI chip leadership
  • Broadcom (AVGO) — Custom AI chip and networking
  • Lam Research (LRCX) — Semiconductor manufacturing equipment
  • KLA Corporation (KLAC) — Process control and yield management
  • Analog Devices (ADI) — Industrial and automotive semiconductors
  • Cadence Design Systems (CDNS) — Chip design software

The thesis: AI infrastructure buildout requires not just the headline chip makers but the entire ecosystem of equipment, software, and component suppliers.

Beyond Big Tech

Ives' top five list extended beyond pure tech plays to include Tesla (TSLA) and Palantir (PLTR)—bets on the intersection of AI with transportation and government/enterprise analytics, respectively.

Goldman Sachs highlighted China's Horizon Robotics with a projected 71% upside, citing its upgraded product mix that will "capture high-end smart-driving demand" as the autonomous vehicle sector matures.

Where the S&P 500 Is Headed

Major research firms have established their year-end 2026 targets:

  • Deutsche Bank: 8,000 points (16.87% gain)
  • Yardeni Research: 7,700 points (12.5% gain)
  • Bank of America: 7,100 points (3.72% gain)

Ten of the major research firms surveyed expect the S&P 500 to return over 10% this year. The most bullish case rests on continued AI capital expenditure, a potential new Fed chair bringing more dovish policy, and corporate earnings continuing to expand.

"The US is set to remain the world's growth engine, driven by a resilient economy and an AI-driven supercycle that is fueling record capex and rapid earnings expansion."

— J.P. Morgan Chase analysts

Growth Stocks With Insider Confidence

Beyond the mega-caps, analysts highlighted several growth stocks where insiders are demonstrating confidence:

Zscaler (ZS) — The cybersecurity firm is experiencing robust growth with forecasted earnings increasing 45.94% annually. Analysts note it trades at a 20.2% discount to estimated fair value, with expectations for nearly 40% price appreciation.

Risks to Watch

Despite the bullish consensus, analysts acknowledge several risks:

  • Valuation concerns: The S&P 500's Shiller PE recently topped 40 for only the second time in 155 years
  • Fed policy uncertainty: A new chair and potential policy shifts could introduce volatility
  • Geopolitical factors: Trade tensions and international conflicts remain unpredictable
  • AI expectations: Any disappointment in AI revenue realization could hit tech stocks hard

The Bottom Line

Wall Street's 2026 playbook is heavily weighted toward AI beneficiaries, from chip makers to cloud providers to the companies building the infrastructure for the next computing era. The concentration of analyst conviction in a relatively small number of names—particularly Nvidia, Microsoft, and Amazon—reflects both the opportunity and the risk of the current market.

For individual investors, the message isn't necessarily to pile into these specific stocks, but to understand the themes driving institutional capital: AI infrastructure, cloud computing, semiconductor equipment, and companies with pricing power and margin expansion.

Diversification remains essential, and even Wall Street's top picks come with no guarantees. But understanding where the smart money is flowing provides valuable context for portfolio decisions in the year ahead.