Professional investors' high-conviction bets have paid off this year, significantly beating the S & P 500 , according to Jefferies. The Wall Street firm looked at recent regulatory filings from hedge funds and long-only fund managers and found the most-popular holdings among both groups, dubbed "uber crowded" trades, are up 17.4% year to date. Meanwhile, the S & P 500 is about 10% higher this year. Big Tech names such as Microsoft , Meta , Amazon and Alphabet topped the list. These stocks have led the market this year amid Wall Street's obsession with what investors consider safe earnings, and all things tied to artificial intelligence. Alphabet, whose stock has surged 40% this year, has been a popular AI play among high-profile investors such as Bill Ackman, Stanley Druckenmiller and Dan Loeb. Its Google internet search engine recently announced it will add AI features . Microsoft is another red-hot AI bet as the company recently expanded a multiyear, multibillion-dollar investment in ChatGPT maker OpenAI, marking the third phase of their partnership. Microsoft shares are up about 39% in 2023. Meanwhile, Meta Platforms, whose shares have soared more than 125% in 2023, has touted its own AI computer chips . Nvidia was also well-loved by hedge funds and long-only managers. The chip giant touched a $1 trillion market capitalization Tuesday, as investors piled into the AI enabler after a shockingly strong forecast of future demand made last week. Software company Adobe is also on the list. The company recently increased its projections for income and net new recurring revenue from its Digital Media business for the full year. The stock is 27% higher this year. The list also included two health care names: Horizon Therapeutics and UnitedHealth.