Stephanie Link, Chief investment strategist, Hightower

They reported a great quarter. Good execution and margins have upside. Given the war, the Middle East business is sluggish; once we get past that, imagine their earnings power.

Was upgraded today. Their quarter was phenomenal and they have strong momentum. Total revenue is up 161%, led by AI. Total revenue growth of 754%. Capacity grew 22% and they increased guidance by 15%.

She just bought Zscaler, which is up only 11% this year. It trades at a discounted valuation of 50% EV to sales. A big player in this space, they'll grow 25% in their TAM (Total Addressable Market) and margins will expand 27-30%. This will play catch-up at some point. Like the growth and valuation.

She sold Dover to buy names like WFG. Nothing against the stock or company or management, but she owns a lot of industrials that are down a lot more, and she was ahead slightly with this.

She just bought more. Is surprised it hasn't recovered from being down 11% this year. The last quarter was very good. She expects them to gain market share going forward. Their Return on Tangible Common Equity (ROTCE) targets of 17-18% are not aggressive and could do better, and their guide of net-interest income was better for the full year. At 1.5x book is attractive. The bank has lagged peers but will catch up in coming quarters.

Though up 21% this year, it's -48% of its peak. Painful, but she's holding on for the AI build-out. Also, GEV is still up 26% this year (-31% off peak) and Quanta 29% (-30% off peak). The fundamentals don't justify this pullback in these. Momentum is slipping, but they will all have great quarters, backlogs and margins. All are buys.

She justifies their heavy capex spending on AI, because their revenue growth is 26%. She wants them to spend more. And 19x forward PE is not high.

She bought more. They report next week and she expects a strong quarter. AWS could accelerate from 37% growth last quarter to 42-43% because they have doubled their capacity; AWS is one of their highest-margin businesses. She expects margins to expand in retail. Trades at only 17x forward PE.