Tech stocks have been crushed, but Ivana Delevska believes the worst of the AI sell-off may be behind us. With some AI stocks down 30%, 40% or even 50% from their highs, is this the buying opportunity investors have been waiting for? And could the highly anticipated Anthropic IPO reignite the AI trade? On this episode of In the Money with Amber Kanwar, Ivana Delevska, Founder and Chief Investment Officer of Spear Invest, explains why rising interest rates and forced selling have hammered AI stocks, even as the underlying fundamentals remain strong.
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Past Picks Scorecard
When Ivana joined us on February 17, 2026, her picks were all AI data centre picks and shovels. The Nasdaq is up about 17% since then.
- Arista Networks (ANET): +31%. This was the home run. It’s still her favourite of the three, thanks to networking trends plus a small but fast-growing business that helps customers use memory more efficiently.
- Coherent (COHR): +8%. She’s still holding it, and it’s well off its highs.
- KLA (KLAC): +8%. She’s still holding this one too, and she says the pullback makes it an attractive entry point.
1. Astera Labs (ALAB)
A high-beta connectivity play that got hit for the wrong reasons.
- Astera makes the connectivity chips that link processors, memory, and accelerators inside AI servers. That’s pure picks and shovels for the data centre.
- The stock has been cut nearly in half: it trades around $267 against a 52-week high near $499, yet it’s still up about 60% year to date.
- Ivana’s view is that names like Astera were sold for their beta exposure, not because anything changed in the underlying demand.
- Next catalyst: Q3 earnings, due November 3.
2. Lumentum (LITE)
The best optics play right now, because it makes the part that’s in shortest supply.
- Optics are moving inside the server, a shift known as scale-up. Ivana sees this as the big opportunity, and it’s where Lumentum stands out.
- Lumentum makes the lasers that enable scale-up, and lasers are currently the tightest part of the optics supply chain.
- The company has said it can’t keep up with AI demand. Its next-generation co-packaged optics products are slated to start in the second half of 2027.
- The stock has more than doubled this year but slid with the rest of the optics group this month. It reports earnings November 10.
- After this episode was filmed reports surfaced that Marvell was looking to buy Lumentum
3. Arm Holdings (ARM)
Her top risk/reward pick: a CPU play just as the CPU market turns.
- The AI buildout is going to need a lot more CPUs per GPU. Ivana says that market turned this year, and AMD keeps raising its CPU addressable market. She thinks we’re in the very early innings of the CPU trade.
- Arm is the CPU behind Nvidia’s Vera Rubin platform, which she expects to be a big success.
- Arm is moving beyond its historical royalty model to sell its own data centre CPU. It has secured capacity for 2027, and Meta is lined up as a lead customer.
- She likes AMD here too, but sees the most upside in Arm.
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DISCLAIMERS: This text AI generated and should be checked against actual delivery. The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice. The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.
