Tech stocks have been crushed, but Ivana Delevska believes the worst of the AI sell-off may be behind us. With some AI stocks down 30%, 40% or even 50% from their highs, is this the buying opportunity investors have been waiting for? And could the highly anticipated Anthropic IPO reignite the AI trade?
On this episode of In the Money with Amber Kanwar, Ivana Delevska, Founder and Chief Investment Officer of Spear Invest, explains why rising interest rates and forced selling have hammered AI stocks, even as the underlying fundamentals remain strong. She believes most of the damage has already been done and argues that the next phase of the AI boom could deliver significant upside for investors who know where to look. She also weighs in on Anthropic's potential IPO, revealing what valuation would make the AI company attractive and why she's optimistic about its long-term prospects.
But the next winners may not be the same stocks that led the last rally. Delevska explains why she doesn't own Nvidia (NVDA), despite remaining bullish on its outlook, and why she sees greater opportunities in CPUs, optical networking and semiconductor equipment. She makes the case that the rise of AI agents is creating a new wave of demand for computing power, while networking's share of data centre spending could double from 10% to 20%. She also explains why 2027 and 2028 could be particularly strong years for parts of the semiconductor industry.
In the mailbag, Delevska weighs in on whether the sell-off in Meta (META) is overdone, why Microsoft (MSFT) has held up better than Alphabet (GOOGL), and whether CoreWeave (CRWV) is a bargain or a value trap as investors question its debt load and competitive position. She also revisits Marvell Technology (MRVL) and explains why she prefers KLA (KLAC) and Lam Research (LRCX) over ASML (ASML).
In Pro Picks, Delevska reveals three stocks she believes are positioned to benefit from the next leg of the AI trade: Astera Labs (ALAB), Lumentum (LITE) and Arm Holdings (ARM). She also revisits her previous picks, Coherent (COHR), KLA (KLAC) and Arista Networks (ANET), explaining why she continues to hold all three and which one she likes best today.
2:06 Intro: tech has been brutal
3:14 Welcome back, Ivana Delevska
3:21 What caused the AI trade sell-off
5:05 Do higher rates slow big AI spenders?
6:29 Financing stress vs. strong fundamentals
7:43 Would you buy the Anthropic IPO?
9:03 Why money is rotating from chips into software
10:37 Is Salesforce a buy?
11:40 Where to be positioned: CPUs, optics, semicap
14:17 Why the Spear Alpha ETF has lagged
18:18 Why Ivana doesn't own NVIDIA
19:42 NVIDIA's customer financing and CDS
21:16 Mailbag: Google vs. Microsoft (GOOG, MSFT)
25:33 Mailbag: Is there hope for CoreWeave? (CRWV)
28:41 Mailbag: Why Meta fell after earnings (META)
33:42 Mailbag: Marvell (MRVL)
36:41 Mailbag: ASML, KLA and Lam Research
37:58 Past Pro picks: Arista, Coherent, KLA check-in (COHR, KLAC, ANET)
40:07 New Pro Picks: Astera Labs, Lumentum, Arm (ALAB, LITE, ARM)
42:47 Closing Bell: what do you do for fun?
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DISCLAIMERS
The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.
In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.
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