UBS Just Named Its 12 Favorite Tech Stocks — Here’s the Full List

TLDR

• UBS named 12 “high-conviction” tech, media, and telecom stocks backed by strong AI demand
• Amazon is a top pick, with AWS revenue projected to grow 38% this year
• Palantir is UBS’s top large-cap software pick, seen as insulated from AI disruption
• JFrog, Twilio, and Arista Networks were chosen for their roles in AI infrastructure
• Some software and media stocks face margin pressure as competition increases

UBS has released a list of 12 stocks it calls its top picks in the tech, media, and telecom space. The bank says AI is the main driver behind its choices, with strong demand in chips, cloud computing, and data centers.

The picks were chosen because UBS analysts believe they have a “differentiated view” on each stock, based on proprietary data. The report was published at the end of March 2026.

Amazon tops the list. Analyst Stephen Ju calls it a “coiled spring,” saying the company has not yet felt the full benefit of its AI spending. Amazon plans $200 billion in capital expenditures this year, with around $150 billion going to Amazon Web Services.

Amazon.com, Inc., AMZN

UBS projects AWS revenue could grow 38% this year. That compares to 20% growth last year and a Wall Street consensus of around 25%. Amazon’s stock has fallen about 10% in 2025, but UBS sees that as an opportunity.

Palantir is UBS’s top pick among large-cap software stocks. Analyst Karl Keirstead says the company sits “at the nexus” of AI and data spending. He believes Palantir is better protected from AI disruption than most software-as-a-service companies because it operates as a major infrastructure vendor.

AI Infrastructure Plays

Arista Networks also made the list. UBS believes AI-driven demand is not yet fully reflected in its revenue estimates and expects results to come in above the company’s own guidance.

Entegris rounds out the chip-related picks. UBS expects it to outgrow the broader semiconductor industry as demand for advanced materials rises with each new wafer generation.

JFrog was named the top small and midcap infrastructure software pick. Its shares have dropped 25% in the past three months, but UBS analyst Radi Sultan says the AI risk is already priced in. He also noted there is “virtually no appetite” from customers to move away from the platform.

Twilio was picked for its role in AI-powered communication tools. Its usage-based pricing model was highlighted as a key advantage over seat-based competitors.

Beyond Chips and Cloud

Not all picks are pure AI plays. Mastercard was included for its pricing power and exposure to travel recovery and FX trends.

Netflix made the list based on expectations it will outperform peers through subscriber growth, ad-supported tiers, and cost discipline.

American Tower is trading near multi-year lows, according to UBS, but is expected to benefit from rising mobile data demand tied to 5G expansion.

Global Business Travel Group is expected to sustain low double-digit growth through 2027, above broader industry trends.

Accenture was flagged as undervalued by the market due to macro concerns, despite strong bookings and improving free cash flow.

Global-e Online rounds out the list. UBS sees it as less exposed to AI disruption than many peers, supporting its long-term growth case.

UBS’s most recent data projects AWS revenue growth of 38% for 2026, well above the current Street consensus of 25%.

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