| Semiconductors | Top satellite exposure through TSM. MU moves to 99/125 priority watch after Q3 FY2026 record results, HBM4 progress and 16 SCAs, but normalized margins, valuation, capex and cycle risk block buy status. AVGO remains 98/125 priority watch after Q2 FY2026 AI semiconductor revenue +143%. | TSM, NVDA, ASML, CDNS, AVGO, MU |
| Data-center power/cooling | VRT remains the first primary-source screen; BE remains high-risk and rejected for now. | VRT, BE, CEG, SU.PA, TSLA energy watch |
| Semiconductor IP | ARM has primary-source AI royalty momentum but needs valuation and concentration work. | ARM |
| Cloud/software | GOOGL remains first platform satellite at 104/125 after Alphabet's USD 84.75bn AI infrastructure raise and USD 180-190bn 2026 capex guidance; dilution, debt, depreciation, energy cost and capex-return checks now matter more. ORCL is priority research after Q4 FY2026 RPO/cloud growth. Patrick Boyle/Anthropic add AI model export-control and open-model price pressure as sector-map risks. | GOOGL, MSFT, AMZN, META, ORCL, PLTR, ZETA, NOW, CRM, SNOW |
| Agentic automation | PATH moves to 88/125 watch after Q1 FY2027; AI-agent durability, competition, SBC and valuation block buy status. | PATH, NOW, CRM |
| Cybersecurity | Zscaler remains research-only after Tom Nash TV secure-access claim; verify primary metrics against CrowdStrike/Microsoft/Palo Alto before scoring. | ZS, CRWD |
| Healthcare | Novo remains follow-up, not first buy. | NVO/NOVO-B.CO |
| Payments | Visa as durable compounder follow-up. | V |