The June watchlist has another earnings season behind it, so it is time to retire the June numbers. This October update follows seven companies across networking, chips, power and lithium. The common thread is investment in physical infrastructure; the risks are very different from one company to the next.
Here is what I am watching as of October 20, 2026. This is a research watchlist, not a ranked buy list or a recommendation that every reader should own these stocks. Results below are reported figures; outlooks are management forecasts dated to their releases. The original first-person position notes are retained separately from the updated financial analysis.
1. Arista Networks (ANET): Q2 Growth and the Margin Test
Arista’s August 4 Q2 2026 release reported revenue of $3.036 billion, up 37.7% year over year. GAAP diluted EPS was $0.95; non-GAAP diluted EPS was $1.02. The distinction matters. Adjusted earnings do not get to sneak past wearing a GAAP name tag.
The margin update also changes the June discussion: Q2 non-GAAP gross margin was 63.4%, while GAAP gross margin was 62.9%. Management guided Q3 revenue to approximately $3.3 billion. That was an outlook, not revenue already earned.
Wall Street vs. Reality: Healthy growth supports the networking thesis, but customer concentration, competitive products and shipment timing can still change the outcome. Watch margin consistency and cash conversion alongside sales. A backlog or remaining performance obligation is not cash in the bank, and its recognition schedule matters.
My Position: I have held ANET since mid-2025 and added on the post-earnings dip. When a company with $1.69 billion in quarterly operating cash flow sells off because gross margins compressed 180 basis points, that is a sentiment reaction, not a business deterioration. I used it accordingly.
2. NVIDIA (NVDA): A Bigger Quarter, With Bigger Expectations
NVIDIA’s August 26 Q2 fiscal 2027 release reported $96.2 billion of revenue, up 106% year over year, including $89.0 billion from Data Center. GAAP diluted EPS was $2.46 and non-GAAP diluted EPS was $2.22.
The company described Vera Rubin as in full production, rather than merely a future architecture discussion. Its Q3 revenue outlook was $108 billion, plus or minus 2%, and assumed no Data Center compute revenue from China. That exclusion is narrower than saying NVIDIA expects no revenue of any kind from China.
Wall Street vs. Reality: Strong operating results do not tell us whether today’s share price is attractive. Customer spending concentration, export restrictions, custom accelerators and the cost of each product transition remain important. A pullback can improve an entry price; it is not automatically a gift.
My Position: NVDA remains my largest single holding. A holding is not a recommendation for every reader, and a pullback does not establish fair value. For information about the research service, see our Growth Investor review; this watchlist does not establish a record of timely or successful stock calls.
3. GE Vernova (GEV): Orders Are Growing; Cash Timing Still Matters
GE Vernova’s July 22 Q2 2026 release reported $11.1 billion in revenue, up 22%, $24.2 billion in orders and a $176 billion backlog. Electrification data-center orders exceeded $5 billion for the first half of 2026. Those are distinct measures: orders and backlog do not become revenue on the day they are announced.
Q2 operating cash flow was $5.5 billion and free cash flow, a non-GAAP measure, was $5.1 billion. The company attributed much of the cash-flow increase to working-capital benefits as well as stronger adjusted EBITDA. Do not multiply one unusually cash-rich quarter by four and call it a valuation model.
Wall Street vs. Reality: Power and Electrification remain the central attraction, but Wind execution, project timing, tariffs and the conversion of advance payments into profitable deliveries deserve attention. The October question is how durable the margins and cash generation are, not whether a big order headline looks impressive.
My Take: I started a position in GEV in Q1 and added after the earnings print. The data center electrification angle is exactly the kind of picks-and-shovels opportunity that tends to get overlooked until it is obvious. At this point it is becoming obvious.
4. Vistra (VST): Power Demand Meets Hedging and Execution Risk
Vistra’s August 7 Q2 2026 release reported $305 million of GAAP net income and $1.767 billion of ongoing-operations adjusted EBITDA, up from $1.349 billion a year earlier. Higher realized energy and capacity prices and the acquired Lotus plants helped the adjusted result; hedge mark-to-market movements affected GAAP earnings.
In that release, management reaffirmed 2026 ongoing-operations adjusted EBITDA guidance of $6.8 billion to $7.6 billion. The stated guidance excluded potential benefits from the pending Cogentrix acquisition and signed Meta power purchase agreements. Treat those as the August release’s scope, not permission to count every future contract dollar as current earnings.
Wall Street vs. Reality: Reliable power is a plausible beneficiary of data-center demand. Weather, hedging, outages, fuel costs, regulation and acquisition execution still matter. The business is more complicated than “AI needs electricity,” however good that sentence looks on a slide.
My Position: Small position since late 2024, holding and watching the Meta deal close. Our Strategic Intelligence review discusses that research service. A paid newsletter is not independent confirmation of the Vistra investment case.
5. Albemarle (ALB): A Recovery That Still Depends on Lithium Prices
Albemarle’s August 5 Q2 2026 release reported $1.7433 billion in net sales, up 31.1%, and $858.1 million in adjusted EBITDA, up 155%. GAAP diluted EPS attributable to common shareholders was $3.52; adjusted diluted EPS was $3.75. Higher lithium pricing was an important driver of the Energy Storage improvement.
The company continued to present full-year outcomes under different lithium-price scenarios rather than one price-independent earnings promise. Its approximately $10, $20 and $30 per kilogram market-price cases produced very different sales and adjusted EBITDA ranges. These are scenario assumptions, not October spot-price quotations or guaranteed forecasts.
Wall Street vs. Reality: A rebound in earnings does not remove commodity-cycle risk. Monitor realized pricing, production costs, expansion spending and balance-sheet flexibility. Albemarle is exposure to the lithium market, not a direct proxy for AI server orders. That distinction earns its place in a watchlist built around infrastructure.
My Position: This remains my anchor commodity play. I held through the lows because the balance sheet never actually broke, and the Q1 print validated that patience completely. Readers comparing research services can find our Hidden Alpha review. Check the service’s current terms and evidence before subscribing.
6. Palantir Technologies (PLTR): Q2 Growth Meets a Demanding Valuation
Palantir’s August 3 Q2 2026 release reported $1.935 billion in revenue, up 93% year over year. U.S. commercial revenue reached $764 million, up 149%. GAAP operating margin was 47%, compared with an adjusted operating margin of 62%.
Management raised full-year revenue guidance to $8.150 billion–$8.158 billion. The company’s Rule of 40 score was 155%: 93% revenue growth plus 62% adjusted operating margin, using its rounded reported percentages. That is not a free-cash-flow-margin formula, and it is not a valuation multiple.
Wall Street vs. Reality: The operating momentum is substantial. The investment question is what future growth and dilution the price already assumes. Strong results cannot make a stock cheap at any price, and U.S. commercial revenue should not be relabeled as a separately reported AIP revenue stream.
My Position: Long-term bull, not trading around quarterly swings. Our Altucher’s Investment Network review covers the service. The current analysis rests on company disclosures, not an unverified early-pick claim; future commercial growth still has to be earned.
7. Constellation Energy (CEG): Higher Guidance, With Integration Work Ahead
Constellation’s August 6 Q2 2026 release reported GAAP earnings of $1.42 per share and adjusted operating earnings of $2.55 per share. The prior-year figures were $2.67 and $1.91 respectively. Different directions for GAAP and adjusted earnings are a good reason to read the reconciliation, not pick whichever number flatters the thesis.
Management raised its full-year 2026 adjusted operating earnings outlook to $11.50–$12.50 per share. The company cited Calpine and favorable market and portfolio conditions as positives, with unfavorable nuclear outages partly offsetting them. It also reported another 920 megawatts of long-term power purchase agreements.
Wall Street vs. Reality: Contracted power demand can support investment planning, but nuclear operations, regulatory milestones, Calpine integration and financing costs still affect shareholder returns. Neither a contract headline nor an EPS target guarantees the cash flow ultimately available to shareholders.
My Take: I have been building this position slowly alongside VST. The broader question is whether power-generation exposure fits an investor’s existing holdings and risk capacity. Neither Constellation nor Vistra is mandatory for a serious portfolio, and owning both can increase exposure to common regulatory and energy-market risks.
The October Watchlist: What Would Change the Thesis?
The updated results keep AI infrastructure and power demand on the research list. They do not turn seven related stocks into a diversified portfolio. NVIDIA and Arista depend on large technology customers; GE Vernova, Vistra and Constellation carry different equipment, energy and execution risks; Albemarle adds a commodity cycle; Palantir adds software valuation and dilution risk. For the wider framework, see our AI infrastructure stocks guide.
The next checks are practical: compare actual revenue with the dated outlook, inspect GAAP and adjusted margins, reconcile cash flow, and update the valuation using a current share price and a clearly identified earnings period. The story can stay appealing while the price becomes unappealing. Both deserve a vote.
If you want to go deeper on the research side, I have found the Stansberry Investment Advisory useful for thinking through position sizing and risk management on names like these. The Project Apex write-up is also worth reading if you want to understand how the Navellier team is thinking about AI infrastructure as a broader investment theme.
This review uses releases available through October 20, 2026. Recheck the latest company filing before acting; the live chart widgets may move after this article is updated.
Affiliate Disclosure: This article contains affiliate links. If you click through and make a purchase, I may receive a commission at no additional cost to you. All stock picks and opinions are my own based on personal research and experience. Nothing here should be taken as financial advice. Always do your own due diligence before investing.