Stan Wong’s Top Picks for Nov. 12, 2026

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Top Picks from Stan Wong, Portfolio Manager, Scotia Wealth Management

Top Picks: Alphabet, iShares Semiconductor ETF, Vanguard Industrials ETF

The outlook for global equities remains constructive despite recent market volatility. The U.S. economy has maintained steady growth, and corporate earnings continue to grow. Persistent inflation and elevated bond yields remain risks, especially for stocks whose valuations leave little room for earnings disappointments.

Technology has seen some of the sharpest swings. In the recent market decline, the Nasdaq-100 fell about 15 per cent from peak to trough, while the Philadelphia Semiconductor Index fell about 40 per cent. The selling pressure extended to companies supplying power and equipment for data centers as investors reassessed the regulatory outlook following the U.S. midterm elections. The selloff may also have been intensified by hedge funds exiting crowded and, in some cases, leveraged positions tied to artificial intelligence.

The market reaction appears to have overstated the long-term risk to AI investment. Permitting delays and power constraints remain legitimate near-term challenges, as they can raise costs and postpone projects. However, global demand for computing capacity continues to grow, several states within the U.S. are competing to attract data center projects, and strategic competition with China gives the U.S. another reason to keep building. For investors, the question is whether share prices have fallen further than the earnings outlook warrants. Order backlogs, margins and cash flow can help gauge whether project delays are starting to weigh on earnings prospects.

At The Stan Wong Group, we continue to favour high-quality large-cap businesses with resilient cash flows, durable competitive advantages and strong growth prospects. We remain disciplined about what we pay for that growth. As always, investment decisions should be made within the context of each investor’s broader total wealth plan.

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