Dan Rohinton’s Top Picks for Nov. 9, 2026

Dan Rohinton, Vice President & Portfolio Manager, iA Global Asset Management

Focus: Canadian & Global Large Caps

Top Picks: Broadcom, Alphabet, CMS Energy

MARKET OUTLOOK:

It’s been a volatile stretch. Last Thursday was the worst day for the S&P 500 and Nasdaq since April 2025, as the midterm results raised the risk of tighter rules on the AI buildout, on top of existing questions about whether all that spending will pay off. Underneath, the economy is holding up well, with strong payrolls and solid earnings. What’s changing is leadership, and the market is getting tougher on who is actually earning a return. We think this rewards selectivity. We continue to favour high-quality businesses with strong cash generation and see opportunity where good companies have been sold for macro or policy reasons rather than fundamental ones.

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TOP PICKS:

Broadcom (AVGO NASD)

Broadcom leads in custom AI chips and networking, with Google, Meta, OpenAI and Anthropic as customers. Last quarter revenue grew 86 per cent and AI semiconductor revenue more than tripled, with free cash flow at 46 per cent of revenue. Management sees AI revenue roughly doubling in each of the next two years. The stock is down close to 40 per cent from its June high on the broader semis selloff, even though the outlook hasn’t changed.

Alphabet (GOOGL NASD)

Alphabet is showing it can earn a return on its AI spending. Revenue grew 25 per cent, Google Cloud more than doubled with margins at 36 per cent, and the cloud backlog sits around US$560B. Search query growth is the best in five years and Gemini has passed a billion users. Capex is weighing on free cash flow, but this is the hyperscaler with the clearest line of sight on returns.

CMS Energy (CMS NYSE)

CMS gives some balance in a market where AI is pulling everything around. Q3 adjusted EPS beat, guidance was reaffirmed, and management still sees the high end of its six to eight per cent growth target. The NorthStar wind-down makes it close to a pure regulated utility, and load growth from manufacturing and semis adds runway. The stock has lagged on rates and we’re happy to own it here.

PAST PICKS: NOV. 3, 2025

Linde (LIN NASD)

Then: US$412.18

Now: US$515.86

Return: 25%

Total Return: 27%

Amazon.com (AMZN NASD)

Then: US$254.00

Now: US$272.91

Return: 7%

Total Return: 7%

Taiwan Semiconductor (TSM NYSE)

Then: US$304.86

Now: US$388.58

Return: 27%

Total Return: 29%

Total Return Average: 21%