Tengler: Our pick for the quarter is Amazon

Watch on YouTube ↗  |  January 07, 2026 at 12:14  |  5:21  |  CNBC
Speakers
Nancy Tengler — CEO & CIO, Laffer Tengler Investments

Summary

Nancy Tengler, CEO and CIO of Laffer Tengler Investments, joins CNBC to discuss her first-quarter top pick, Amazon, and her continued commitment to Oracle after adding to the position. She argues Amazon is supported by accelerating AWS growth, a resilient consumer with Q1 fiscal tailwinds, record advertising, rural delivery expansion, an oversubscribed Trainium chip, and attractive valuations. Tengler says she is not abandoning Oracle despite its roughly 30% drawdown and disappointing timing.

  • Nancy Tengler names Amazon as her first-quarter top pick while sticking with Oracle after adding to it.
  • She cites Amazon's Q3 earnings and revenue beat, AWS fastest growth since 2022, and October AWS volume above all Q3.
  • She expects Q1 consumer tailwinds from tax refunds, One Big Beautiful Bill Act benefits, and resilient debt servicing.
  • She highlights Amazon advertising, Rufus, rural delivery expansion, and Trainium chips as underestimated drivers.
  • She says Amazon's valuation is attractive on price-to-sales, price-to-cash-flow, and PEG.
  • She views Oracle's decline as disappointing timing but remains invested.
Ideas
Nancy Tengler CEO & CIO, Laffer Tengler Investments 0:23
They added to Oracle despite AI selloff
Tengler says they added to Oracle and are not running away from the name despite its roughly 30% decline and disappointing timing after she made it her Q4 pick, when AI-build-out concerns weighed on the stock.
ORCL MED
Nancy Tengler CEO & CIO, Laffer Tengler Investments 0:33
Amazon is top pick; AWS, ads, chips
Nancy Tengler names Amazon her first-quarter top pick. She cites last quarter's earnings up 25% and revenues up 13%, AWS growing at the fastest rate since 2022 with October AWS sales volume larger than all of Q3, expected Q1 consumer tailwinds as tax refunds and One Big Beautiful Bill Act benefits reach households, record advertising revenue near $17 billion-$18 billion driven by AI and the Rufus shopping agent, the $4 billion rural delivery expansion that Amazon can afford and that helps it keep up with demand, an oversubscribed Trainium chip growing about 150% quarter over quarter, and an attractive valuation with price-to-sales in her buy range, cheap price-to-cash-flow, and about 1x next year's earnings growth for 2027 against 10%-13% revenue growth and low-20% earnings growth.
AMZN HIGH
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This CNBC video, published January 07, 2026, features Nancy Tengler discussing ORCL, AMZN. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Nancy Tengler  · Tickers: ORCL, AMZN