Quality Watchlist
Working scores guide research priority. A 100+ score is necessary; a third stock must also be clearly better than the active sleeve.
| Name | Working score | Why interesting | Gate before buy |
|---|---|---|---|
| GOOGL | 100 | Q2 revenue +24%, Search +17%, Cloud +82%, Cloud margin 35.6% and USD 514bn backlog | USD 25bn new senior notes, commitments, future leases, guarantees/backstops, negative Q2 FCF, capex return and antitrust; no score cushion |
| TSM | 110 | Active elite foundry sleeve; July revenue +44.7% YoY plus new advanced-capacity authorization and Sony image-sensor JV | Capex timing/returns, JV execution, valuation, geopolitics, overseas-fab dilution, packaging and concentration |
| NBIS | unscored high risk | Q2 demand signal plus USD 5.0bn new convertibles fund data-center/GPU expansion | USD 4.94bn expected net proceeds, debt accretion, interest, USD 800mn note exchange for about 15.8mn shares, capex, concentration, power and valuation |
| IMAX | unscored | Entertainment/IP screen after Q2 revenue +12%, 15.5% net margin and network growth | Backlog decline, studio/exhibitor concentration, slate risk, debt, normalized FCF and valuation |
| ADBE | unscored priority | Q2 revenue +13%, AI-first ARR above USD 500mn and USD 2.17bn operating cash flow | Organic ARR, churn, AI monetization, disruption, leverage, buybacks and current valuation |
| ASML | 102 provisional | Q2 sales/margin beat, stronger guidance and planned 2027-2028 EUV/DUV capacity expansion validate exceptional infrastructure quality | No third position before normalized valuation, China/export controls, bookings conversion, concentration and cycle stress prove it clearly better |
| AVGO | 98 | Custom AI accelerators/networking; Q2 FY2026 AI semiconductor revenue +143% and strong Q3 guide | Valuation, customer concentration, VMware/debt, SBC, AI order cyclicality |
| VRT | 98 | Q2 sales +24.1%, 19.5% GAAP operating margin, USD 925mn adjusted FCF, net cash and raised guidance | Premium valuation, order/backlog quality, customer concentration, EMEA weakness and cycle risk |
| ARM | 91 | FYE2027 Q1 revenue +22%; data-center royalties more than doubled and AGI CPU demand improved | 7.1% GAAP margin, production-silicon execution, valuation, China/customer concentration and SBC |
| MU | 99 | Q3 FY2026 primary-source upgrade: record revenue, 84.6% GAAP gross margin, USD 18.3bn adjusted FCF, net cash, HBM4 progress and 16 SCAs | Full 125-point re-score; normalized margins, valuation, SCA terms, customer concentration, capex and memory-cycle durability |
| ORCL | 90 | Q4 FY2026 AI cloud watch: RPO +USD 85bn sequentially to USD 638bn, cloud revenue +47%, cloud IaaS +93% | Customer concentration, capex funding, debt/FCF conversion, workload margins, valuation |
| MSFT | unscored | FY2026 Q4 revenue +18%, Azure +43% and commercial RPO USD 678bn | RPO concentration/duration, AI capex, cloud margin, per-share FCF and valuation |
| AMZN | unscored | Q2 AWS revenue +37% and AWS operating income +64% | Negative USD 7.6bn TTM FCF, debt, segment valuation and capex-return proof |
| ANET | 105 provisional | Q2 revenue +37.7%, 45.4% GAAP operating margin, USD 2.69bn H1 proxy FCF and USD 13.34bn cash/securities | Two customers were 42% of 2025 revenue; gross-margin mix, merchant silicon, valuation and clear superiority before a third stock |
| CEG | unscored priority | Q2 raised adjusted EPS guidance and added 920 MW of 15-20 year PPAs | Calpine leverage, H1 capex above operating cash flow, project/regulatory risk and valuation |
| PLTR | unscored priority | Q2 revenue +93%, US commercial +149% and 47% GAAP operating margin | Extreme valuation, SBC/dilution, durability and a full 125-point score; no automatic drawdown DCA |
| CIEN | unscored | Optical/inter-data-center networking; fiscal Q2 revenue +40% and raised FY2026 guide | Two customers at 34% of revenue, supply chain, normalized margins, FCF and valuation |
| GEV | unscored | Grid/turbine/electrification screen after Q2 orders +88% organically, revenue +22% and USD 5.1bn FCF | Wind losses, backlog quality, project/cycle risk, normalized margins and valuation |
| NOW | unscored | Q2 subscription revenue +24.5%, cRPO +21% and AI ACV above USD 1bn | Organic/acquisition split, 4% GAAP operating margin, SBC, retention, competition and valuation |
| PATH | 88 | Agentic automation watch after Q1 FY2027 revenue +17%, ARR +12%, DBNRR 109%, positive GAAP operating income and adjusted FCF | AI-agent durability, competition from larger platforms, SBC, buybacks, valuation |
| BE | 82 | Q2 record revenue, 33.4% GAAP gross margin, GAAP operating profit and positive cash flow | 73% single-customer quarterly revenue, customer-linked shares, debt, service/fuel economics and valuation |
| CDNS | unscored priority | Q2 revenue +24%, USD 8.1bn backlog and raised FY2026 outlook strengthen the EDA/IP case | Valuation, GAAP/non-GAAP gap, acquisition/export-control, concentration and normalized FCF |
| NVDA | 104 provisional | Q2 revenue +106%, Data Center +117%, 75% GAAP gross margin and strong platform moat | USD 366bn scheduled commitments, separate USD 56bn AI-cloud/third-party leases, partner guarantees, extended terms, USD 5.25tn valuation, cycle stress and clear-superiority test; no new capital |
| PANW | unscored priority | Cybersecurity platform screen; Q3 revenue +31% and RPO +36% | Separate CyberArk/Chronosphere contribution from organic growth; GAAP loss, SBC, USD 21.9bn goodwill, leverage, integration and valuation at September 1 results |
| NVDA / ASML / ANET / VRT / PLTR | idea refresh | Tom Nash TV 2026-07-10 infrastructure list; ANET and PLTR metrics checked, creator valuation claims not accepted | Completed 125-point score, valuation, concentration and cycle work before any recommendation |
| TSLA | rejected | Q2 revenue grew, but operating margin fell to about 1.4% and first-half FCF was only about USD 0.35bn | Robotics/autonomy economics, governance, capital intensity and valuation remain unproven |
| LRCX | unscored priority | Record June-quarter revenue, 51.7% GAAP gross margin and USD 8.1bn September revenue guide | WFE-cycle normalization, mix, China/export controls, concentration and valuation |
| DLR | unscored triage | Data-center REIT with a new Q2 10-Q | AFFO/share, leverage, lease spreads, development yields, power and Blackstone transaction economics |
| V / MA / SPGI | unscored priority | Latest results strengthen the payments and financial-data moat comparison | Regulation, cyclicality, organic FCF, buyback yield, leverage and valuation |
| CRM / ADBE | watch | Derated software compounders | AI disruption, RPO, SBC, FCF, buybacks |
| FICO | deprioritized | Q3 revenue +26% and raised guidance | USD 3.05bn nine-month repurchases and USD 5.58bn debt require leverage, regulation and valuation review |