Ivana Delevska, Founder & CIO, SPEAR Invest
Focus: Technology Stocks
Top picks: Coherent, LAM Research, Rocket Lab
MARKET OUTLOOK:
As we head into 2026, we’re seeing major divergence across the AI landscape. Some areas are emerging as clear winners, while others are falling behind.
Data center hardware is still the area where we are finding the best risk-reward opportunities, but the value is shifting to different parts of the value chain. Specifically, three years ago, most of the value in AI was generated and captured by Nvidia. We are now seeing the upside broaden to component suppliers such as networking and memory, and, more recently, to semi-cap equipment, as companies look to add incremental capacity. Data centers in space is also an emerging theme this year, with many potential opportunities.
Launch costs are still relatively high at approximately US$3,000 per kg but are expected to decline to approximately $300 per kg, making the potential for data centers in space closer to reality.
At the same time, there are notable laggards. Parts of software and AI applications have underperformed, raising important questions about where the next inflection points may come from. All software stocks are currently treated equally, despite their very different business models. On the one hand, application software companies are seeing their business models come under significant pressure, as AI can replicate their business in a matter of days.
On the other hand, companies that provide infrastructure and cybersecurity to enable AI model use are expected to continue showing upside. Similarly, the power generation trade has become bifurcated, even though everyone believes that power will be the most significant bottleneck. With consumer pushback against skyrocketing electricity prices, “behind the meter” opportunities, where power generation is purpose-built, present better investment opportunities.
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TOP PICKS:
Coherent (COHR NYSE)
Leader in optical networking which is a way we transmit massive data volumes at light speed.
LAM Research (LRCX NASD)
Provides exposure to the Semi-Cap Equipment which is at an inflection point after several years of muted spending. As demand and pricing for logic and memory chips increases the only answer is to add more capacity
Rocket Lab (RKLB NASD)
Aerospace manufacturer and launch provider leader in the small rockers but entering large rockets and competing with SpaceX. We believe due to the many growing use cases of space including defense and broadband but now, incrementally, data centers, launch capacity will be very constraint, benefiting the launch companies
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| COHR NYSE | N | N | Y |
| LRCX NASD | N | N | Y |
| RKLB NASD | N | N | Y |
No past picks
