Nancy Tengler

Tengler states, "Themes like AI and digital transformation will remain intact" regardless of the war. She explicitly mentions adding to Palantir and Microsoft. She also highlights Amex and Walmart for using AI to improve margins (Amex marketing efficiency up 90%). While the macro environment is chaotic, the productivity gains from AI are deflationary for the companies deploying them. High-quality companies improving margins via tech are the safest equity allocation during inflationary geopolitical periods. LONG AI leaders and "Old Economy" adopters (Walmart/Amex) as defensive growth. Broad market sell-off due to war panic could drag down high-valuation tech names temporarily.

Hyperscaler Capex is projected at $650 Billion. Tengler is buying Palantir and GE Vernova; Ho highlights Arista and Corning. This is the "Pick and Shovel" trade. Regardless of which AI model wins, they all need power (GEV), cabling (GLW), networking (ANET), and data infrastructure (PLTR). LONG AI Infrastructure. Regulatory caps on energy usage or a pullback in Big Tech Capex.

They have shifted their focus to software, expecting the market to move back in that direction, and are adding Microsoft, ServiceNow, CrowdStrike, and Palantir as leading software names.

"We trim [Walmart] back and we look for undervalued opportunities. Spotify and ServiceNow have been clobbered by the market... We add to the names of the highest quality companies." During periods of macro panic (such as the recent Middle East escalation), high-quality software and consumer tech names often sell off indiscriminately as investors rush to safety. This provides a strategic window to reallocate capital from defensive outperformers (like Walmart) into high-growth tech leaders at a discount. LONG. Buying best-in-class tech and software companies during geopolitical dip-selling has historically generated strong returns once the immediate panic subsides. A sustained period of high inflation and high interest rates could further compress the valuation multiples of high-growth tech stocks.

Tengler states, "Themes like AI and digital transformation will remain intact" regardless of the war. She explicitly mentions adding to Palantir and Microsoft. She also highlights Amex and Walmart for using AI to improve margins (Amex marketing efficiency up 90%). While the macro environment is chaotic, the productivity gains from AI are deflationary for the companies deploying them. High-quality companies improving margins via tech are the safest equity allocation during inflationary geopolitical periods. LONG AI leaders and "Old Economy" adopters (Walmart/Amex) as defensive growth. Broad market sell-off due to war panic could drag down high-valuation tech names temporarily.

Hyperscaler Capex is projected at $650 Billion. Tengler is buying Palantir and GE Vernova; Ho highlights Arista and Corning. This is the "Pick and Shovel" trade. Regardless of which AI model wins, they all need power (GEV), cabling (GLW), networking (ANET), and data infrastructure (PLTR). LONG AI Infrastructure. Regulatory caps on energy usage or a pullback in Big Tech Capex.

Broadcom will benefit from Alphabet's $80 billion equity raise, which will be spent on AI infrastructure, including TPUs that use Broadcom's products. Broadcom is a key chip name that will see increased spend.

Palo Alto Networks is showing organic growth after a period of M&A-dependent growth. AI will bolster future growth, and management is now delivering on promises. The stock is reasonably valued given the growth trajectory.

D.R. Horton is a housing play that they added to their 'six for 26' strategy as a way to participate in the housing market.

Nancy Tengler has been adding to AMD over the last couple of months, seeing it as an AI chip play that has appreciated dramatically. She plans to trim it after further appreciation but currently holds a long position.

Nancy Tengler has been adding to Micron Technology over the last couple of months, viewing it as a cyclical semiconductor name that benefits from AI memory demand and trades at a low forward multiple despite strong earnings.

Nancy Tengler added to Nvidia after the DeepSeek selloff, buying at around $108 per share, and continues to add to the name on dips. She believes Nvidia remains a core AI beneficiary with strong long-term demand, and the recent pullback from euphoric levels creates a buying opportunity.

Starbucks CEO Brian Niccol is delivering on strategy, and consumer spending data from Visa and Amex suggests consumer remains solid, supporting the stock.

Despite geopolitical noise, strong corporate margins and tax tailwinds support equities. The portfolio is overweight software, consumer discretionary names like Ulta and TJX, and industrials including GE and GE Vernova, while trimming energy exposure.

Despite geopolitical noise, strong corporate margins and tax tailwinds support equities. The portfolio is overweight software, consumer discretionary names like Ulta and TJX, and industrials including GE and GE Vernova, while trimming energy exposure.