Moon Ji-ho

Ciena is a key player in subsea optical connectivity, scaling across continents (Scale Across). The company is planning capacity expansion using its technology portfolio, and management indicated that from Q4 onward, investors can expect positive developments. With Nvidia locking up laser sources, supply constraints are creating strategic sourcing priorities that may benefit players like Ciena once expansion kicks in. This could be a catalyst for re-rating. Long Ciena.

IBM is increasingly positioned as a core provider of Linux-based software for AI. As AI workloads move toward agentic, large-scale models, Linux-based processing traffic will surge, and IBM's mainframe and software assets will see higher utilization. The company's current high-single-digit growth could accelerate to 20% as AI drives demand. IBM is thus a key AI software infrastructure play that is underappreciated. Long IBM.