Ivana Delevska’s Top Picks for Sept. 16, 2026

Ivana Delevska, Founder & CIO, SPEAR Invest

Focus: Technology Stocks

Top Picks: Lumentum, ARM Holdings, Cloudflare

MARKET OUTLOOK:

First, the artificial intelligence (AI) opportunity is becoming less dependent on training increasingly large models. We believe the market is shifting from the model-training era toward the agentic era, where growth is increasingly driven by inference and the proliferation of AI agents across enterprise and consumer applications. As AI moves from experimentation to everyday use, inference workloads should expand significantly, broadening demand across the technology stack.

Second, a greater focus among frontier-model developers on security, reliability, and responsible deployment—rather than simply racing to release the next model—should ultimately support adoption. Enterprises need confidence that AI can be deployed safely and reliably before integrating it into mission-critical workflows.

Third, caution expressed by frontier labs may be sincere, but it also reinforces the strategic position of frontier labs such as Anthropic and OpenAI, especially ahead of potential Initial Public Offerings (IPOs). Their emphasis on the capabilities and risks of next-generation models highlights how powerful these systems have become.

We believe AI adoption remains in its early innings. Importantly, the opportunity is broadening from building models to deploying and using them. As a result, the investment opportunity set is also shifting. AI agents require more distributed infrastructure, with significantly more networking, central processing units (CPUs) , and cybersecurity. This broadening opportunity should create multiple avenues for technology investment beyond the initial beneficiaries of model training.

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TOP PICKS:

Lumentum (LITE NASD)

Leader in optical networking which is a way we transmit massive data volumes at light speed.

ARM Holdings (ARM NASD)

Leading manufacturer of CPUs. This is where we expect the most incremental demand to come from as a result of agentic AI.

Cloudflare (NET NYSE)

Differentiated cybersecurity company providing a platform for companies to build AI applications

PAST PICKS: JAN. 28, 2026

Coherent (COHR NYSE)

Then: US$221.14

Now: US$288.53

Return: 30%

Total Return: 30%

LAM Research (LRCX NASD)

Then: US$239.58

Now: US$273.17

Return: 14%

Total Return: 14%

Rocket Lab (RKLB NASD)

Then: US$88.57

Now: US$63.98

Return: -28%

Total Return: -28%

Total Return Average: 5%