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

Summary

• Stan Wong, Portfolio Manager at Scotia Wealth Management, maintains a constructive outlook for global equities despite recent volatility, citing steady U.S. economic growth & strong corporate earnings.
• Persistent inflation & elevated bond yields remain key risks, particularly for stocks with limited room for earnings disappointments.
• Technology sector volatility saw the Nasdaq-100 fall 15% & the Philadelphia Semiconductor Index drop 40% following reassessments of regulatory outlooks & hedge fund exits from leveraged AI positions.
• Market declines may have overstated long-term AI risks, as global computing demand remains high, U.S. states compete for data center projects, & strategic competition with China drives continued infrastructure build-out.
• The Stan Wong Group favors high-quality large-cap businesses with resilient cash flows, durable competitive advantages, & strong growth prospects while maintaining discipline on valuation.
• Top picks include Alphabet (GOOGL), iShares Semiconductor ETF (SOXX), & Vanguard Industrials ETF (VIS).
• Alphabet shares dropped over 30% to trade at ~18 times forward earnings, below its 10-year average, presenting an opportunity despite high 2026 capital expenditure forecasts of $195–205 billion.
• Alphabet's Google Cloud revenue more than doubled to $30.7 billion with a $561 billion backlog, while its Gemini AI platform reached one billion users.
• The iShares Semiconductor ETF (SOXX) offers exposure to 30 leading semiconductor companies at ~15 times forward earnings, a level not seen since 2022 after a 40% drawdown.
• Historical data shows semiconductor drawdowns of 40% or more have resulted in an average 25.3% return over the following 12 months.
• The Vanguard Industrials ETF (VIS) provides exposure to nearly 400 U.S. industrial companies benefiting from capital-goods orders up 14.1% & a 33% forecast increase in data center spending in 2026.
• VIS holdings include key players in infrastructure required for the AI economy, such as Caterpillar, GE Aerospace, & Eaton, reducing reliance on any single company or theme.
• Past picks from November 13, 2025, show an average total return of 34%, with Eli Lilly up 42%, Taiwan Semi up 45%, & Goldman Sachs up 16%.
• All current & past picks are held in the personal & family portfolio according to the disclosure section.