Stephanie Link, Chief investment strategist, Hightower

She bought more NOW. Is 31% this year and trades at 23x forward PE vs. the 5-year average of 54x. Total revenue is +20%, subscription revenue +21%, gross margins around 75%, earnings growth 20%. The risk/reward is good, and this is mission-critical software that companies need.

Remember, it took Amazon, Google and Microsoft a decade to build their cloud businesses, so this will not happen overnight for Meta, if it happens. It would diversify their companies, so that's good, instead of 100% ads. She's tired of them spending and not delivering he results. So many question marks about how they will grow. She is looking elsewhere. They lost $8 billion on Reality Labs. A headache.

She bought more based on the 27x forward PE vs. the 5-year average of 34x and 10-year average of 45x, and is trying on 11x EBITDA. Same-store sales on Prime Day were +9.3%, amazing.

Is up 89% this year. Revenues are up 31%, and RPO is up 36%. They spent $30 billion on three deals this year, so those synergies are still coming. Trades at 22x price-to-sales, but CRWD is higher.

Still owns it. Be careful which tech stocks you own now--some are slumping, some not. Marvell has $10 of earnings power by 2027. NVDA invested in them. Their optical business is poised to grow 50% the next few years. Their custom ASIC business-- they have an 80% market share with Broadcom--is expected to grow from 20% to 100% share. Is up 218% this year and trades at 27x, not cheap, but it is growing.

Is -18% from highs and trades at 18x PE. They create mission-critical software.

Automation is in early inning, and this company is growing double digits as margins expand.

Great managers, core business is humming, same-store sales is +6%. Foot Locker turned positive comps and guided higher. Expect a fine second-half 2026.

They had a great quarter and raised guidance. They join the S&P today. Optical is growing 50%. Stock is up 242% over 3 months, so trim. They are right in the sweet spot.

They said that they have $960 billion in total addressable market today will reach $2.4 trillion by 2030 from data centres and grids. Super growth.

Their backlog of $200 billion will be obtained by end-2027. Last January, they said end-2028. That's how huge the data centre demand is.

Companies can't survive without their software.

It's a screaming buy, down 17% this year. Trades at 20x forward PE. Then, there's quantum computing, which has a $1.3 trillion addressable market from now to 2030. The CEO has done a great job. 

It will be volatile, down 25% from highs, but had rallied 50% from the IPO price. Set it and forget it, holding for 10-15 years. Revenues could rise 70% and double gross margins by 2030. They have a 90% market share in space, cost advantage given scale, launch costs will plunge from $14 million to $3-5 million in time. Starlink has 10 million customers, expected to top 200 million by 2030. Anthropic and Google are spending $2 billion/monthly renting AI compute.