Ivana Delevska’s Top Picks for July 2, 2026

Ivana Delevska, Founder, CIO, SPEAR Invest

Focus: Technology stocks

Top Picks: Astera Labs, KLA Corp, Cloudflare

MARKET OUTLOOK:

We believe the artificial intelligence (AI) investment cycle is entering its next phase: the Agentic AI era. During the model training phase, spending was concentrated in graphics processing units (GPUs) and the infrastructure required to build large-scale AI models. As AI shifts toward inference and autonomous agents, investment is broadening across the technology stack, creating new opportunities in CPUs, memory, networking, and cybersecurity.

This transition requires a fundamentally different infrastructure. Agentic AI generates significantly more inference workloads, increasing demand for memory bandwidth, high-performance CPUs, low-latency networking, and secure distributed computing environments. At the same time, AI-generated traffic has recently surpassed human-generated traffic on the internet, bringing cybersecurity back into focus as organizations adapt to an increasingly autonomous digital ecosystem.

We believe we remain in the early stages of this investment cycle. While some investors question the durability of AI spending, we see a multi-year expansion supported by persistent infrastructure bottlenecks. The most important constraint today is semiconductor manufacturing equipment—the tools required to add incremental memory and CPU capacity. Without continued investment in semiconductor fabrication, the industry cannot produce enough next-generation memory and processors to meet rapidly growing AI demand.

Rather than signalling the end of the cycle, these supply constraints are likely to extend it. As chip manufacturers race to expand capacity, spending should continue to broaden beyond AI accelerators and into the companies enabling the next generation of networking, memory, and semiconductor production. We believe this creates an attractive opportunity set across the broader AI value chain, well beyond the most widely recognized beneficiaries.

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TOP PICKS:

Astera Labs (ALAB NASDAQ)

A leader in AI Networking. The company has established leadership in connectivity solutions, including Peripheral Component Interconnect Express (PCIe) retimers, fabric switches, and intelligent connectivity products that address the growing complexity of AI servers and data centre architectures. We believe the next leg of growth will come from Compute Express Link (CXL) controllers, which enable memory expansion, pooling, and resource disaggregation—capabilities that become increasingly important as AI inference and agentic workloads drive demand for greater memory capacity and utilization. As AI infrastructure evolves beyond GPU scaling, Astera is well positioned to benefit from a broader expansion in high-speed connectivity and memory infrastructure.

KLA Corp (KLAC NASDAQ)

One of the key players in semiconductor manufacturing equipment, providing inspection, metrology, and process control equipment that helps chipmakers improve yield and accelerate production of leading-edge devices. As demand for AI infrastructure drives unprecedented investment in advanced logic and memory, we believe KLA is uniquely positioned to benefit from rising process complexity and increasing wafer intensity. Every new technology node requires more inspection and measurement steps, making KLA’s solutions increasingly indispensable. With semiconductor capacity expansion expected to remain elevated for years, KLA offers leveraged exposure to one of the most durable and profitable segments of the semiconductor equipment ecosystem.

Cloudflare (NET NYSE)

Building one of the world’s largest edge networks, positioning the company at the intersection of AI, cybersecurity, and application delivery. As AI workloads become increasingly distributed, we believe demand will shift toward infrastructure that can securely connect users, applications, and AI agents with low latency. Cloudflare’s global network, Zero Trust security platform, developer services, and AI inference capabilities create a differentiated platform for this transition. We believe the next phase of growth will be driven by AI-native applications and autonomous agents, which require secure, scalable, and intelligent networking infrastructure. This positions Cloudflare as a long-term beneficiary of the expanding AI ecosystem.

PAST PICKS: JAN. 28, 2026

Coherent (COHR NYSE)

Then: US$221.14

Now: US$370.90

Return: 68%

Total Return: 68%

LAM Research (LRCX NASD)

Then: US$239.58

Now: US$382.97

Return: 60%

Total Return: 60%

Rocket Lab (RKLB NASD)

Then: US$88.57

Now: US$106.45

Return: 20%

Total Return: 20%

Total Return Average: 49%