The 5 Best Stocks in Ken Fisher’s Portfolio Michael Douglass Fri, November 13, 2026 at 9:53 AM EST 7 min read NVDA -3.69% GOOGN -1.16% AMZN -0.84% TSM -2.79% CAT -2.09% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Fisher Investments' 13F for the quarter ended Sept. 30, filed Nov. 6, shows NVIDIA, Taiwan Semiconductor, Caterpillar, Alphabet and Amazon each at 2% or more of its US stocks.
Analysts' average price targets are 22% to 72% above the latest close for all five.
All five depend on AI data-center spending, so a pause there would hit them together.
If I could only buy one, it'd be Taiwan Semiconductor: its sales are still climbing, and it trades near its usual multiple.
Ken Fisher's Fisher Investments, which manages $386.67 billion in all, held $348.26 billion of US stocks in 1,054 positions at Sept. 30, according to its 13F for the third quarter, filed Nov. 6. With that many holdings, any stock that makes up 2% or more of them is a real bet. The biggest by far is NVIDIA (NVDA:NASDAQ).
Most of those big bets have gotten cheaper since Sept. 30, as the AI selloff spread from chipmakers to industrials. Below are the five of Fisher's positions of 2% or more of its 13F stocks where Wall Street sees the most upside, measured by analysts' average price targets against the latest close.
NVIDIA is Fisher's No. 1 holding: 92.83 million shares worth $21.20 billion at Sept. 30, or 6.1% of its 13F stocks. The firm added 2% to its shares in the third quarter. The stock is down 27% since then. On Nov. 12, NVIDIA said Jensen Huang had resigned as CEO, effective immediately, and that CFO Colette Kress would step in as interim CEO. Six firms downgraded the stock in one day.
Even so, the average target from 61 analysts, $285, is 72% above the latest close. TIKR's consensus target climbed from $232 a year ago to $329 on Oct. 23, and it has slipped since.
At about 14x forward earnings, NVIDIA trades far below its five-year average of 36x on TIKR. NVIDIA reports on Nov. 17, its first report under Kress. Investors will want to hear that management still expects fiscal 2028 revenue to rise about 70%, as it guided in August.
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NVIDIA's troubles haven't reached the company that makes its chips. Taiwan Semiconductor (TSM:NYSE) is 2.5% of Fisher's 13F stocks: 18.93 million shares worth $8.64 billion at Sept. 30, the same number of shares it held a quarter earlier. Its October sales rose 59.7% from a year earlier to NT$586.89 billion, its best month of 2026, even as the stock fell 11% from Sept. 30. Its third-quarter gross margin was 66.4%, up from 59.5% a year earlier.
Analysts haven't backed off through the selloff. TIKR's consensus target rose from $340 a year ago to $587, and it hasn't come down since Nov. 3.
That's 45% above the latest close, from 21 analysts. At about 19x forward earnings, the stock trades close to its five-year average of 18x on TIKR. The big cost is capital spending, which Taiwan Semiconductor guides to $60 billion to $64 billion this year. Most of that pays for fabs that start producing in 2028 and 2029.
Fisher's AI exposure doesn't stop at chips. Caterpillar (CAT:NYSE) is 2.3% of its 13F stocks, with 9.98 million shares worth $8.09 billion at Sept. 30, unchanged on the quarter. Its power business has pulled it into the data-center trade. Its backlog hit a record $78 billion in the third quarter. The Financial Times reported that Anthropic agreed to pay $3.4 billion to take over 1.7 gigawatts of Caterpillar generator orders. But the stock is down 25% since Sept. 30 and 44% below its 52-week high, after Democrats' midterm wins raised the odds of tighter rules on data centers.
Analysts have cut their targets, too. TIKR's consensus target peaked at $979 in August and is now $823.
That's still 36% above the latest close, from 29 analysts. Evercore ISI cut its target to $833 from $1,045 and kept its Outperform rating. At about 20x forward earnings, Caterpillar trades near its 19x average since 2014 on TIKR, down from 42x at the end of June.
Alphabet (GOOGL:NASDAQ) is on the other side of the AI build-out, as one of its biggest spenders. It's Fisher's No. 3 holding: 40.66 million shares worth $13.99 billion at Sept. 30, or 4.0% of its 13F stocks, after a 2% increase in the third quarter. The stock has fallen 13% since then. It fell 10% on a $9.1 billion cash burn as it spends on AI, including two new TPUs, its in-house AI chips. And JPMorgan just picked Meta over it.
Analysts' targets are still well above the price. TIKR's consensus target rose from $315 a year ago to a peak of $433 in July, and it's $400 now.
That's 34% above the latest close, from 58 analysts, with the stock at about 22x forward earnings. Its fourth-quarter report, expected in early February, will show whether that spending has started to slow.
Amazon (AMZN:NASDAQ) is spending even more, and so far investors are rewarding it. It's 2.5% of Fisher's 13F stocks: 35.57 million shares worth $8.86 billion at Sept. 30, after a 2% increase in the third quarter. The stock is up 7% since then. AWS grew 39% in the third quarter, its fastest in five years. AWS CEO Matt Garman said on Sources with Alex Heath that AWS is landing "one GPU every 14 seconds" and still expects to be short of capacity for the next couple of years. The spending isn't cheap: Amazon has sold more than $92 billion of bonds in 2026.
Analysts' targets have barely moved. TIKR's consensus target went from $292 a year ago to $327, after dipping to $280 in February.
That's 22% above the latest close, from 61 analysts. At about 27x forward earnings, Amazon trades near the lowest multiple TIKR has on record for it, going back to 2014.
All five of these stocks depend on the same AI build-out, so a pause in data-center spending would hit them together. If I could only buy one right now, it'd be Taiwan Semiconductor. Its sales hit a 2026 high in October, analysts haven't cut their targets through the selloff, and it trades about where it usually does. NVIDIA is cheaper, but it now has to make its case without the CEO who built it.
Taiwan Semiconductor's 2027 guidance, due in mid-January, would change that call if it shows growth slowing. Fisher's next 13F, due in mid-February, will show whether the firm held on through all of this.
TIKR lets you forecast the future price of any stock in less than a minute. Just enter a few assumptions into TIKR's valuation model and see what NVIDIA could be worth. Start from Wall Street consensus estimates, or adjust the inputs to reflect your own view of the business. It's free to use.
