Evercore ISI’s standout technology stocks for the new year include Amphenol , Apple and Arista Networks . As 2026 approaches, analyst Amit Daryanani expects demand for artificial intelligence infrastructure to sustain the momentum it had in 2025. However, cash flow and profits will matter more, he said. “CY25 was a positive year for the broader IT Hardware/Networking coverage as AI ramps accelerated; stock performance was reflective of revenue growth with less regard to profits,” Daryanani wrote. “We see margins/[free cash flow] becoming a key focus as investors focus on ‘AI usefulness’ vs. just ‘AI Investments’ to gauge which stocks can outperform.” The analyst’s top stock picks for next year includes the “AAA” portfolio — Amphenol, Apple and Arista Networks. He said with these stocks investors can “set-it & forget it.” “Each of these companies feature strong track records and are uniquely positioned to benefit from AI proliferation,” Daryanani wrote. Amphenol, a manufacturer of electronic connectors, has surged 94% this year, as of Monday morning. Evercore ISI expects the stock to continue outperforming its peers on both revenue and margins in 2026. “With structurally higher incremental margins (~30%) and strong execution, we see APH well positioned for above-market growth and continued EPS outperformance,” the firm wrote. The firm also views Apple as well-positioned heading into the new year, off the heels of strong guides for both its September and December quarters. The iPhone maker has climbed 63% this year. “iPhone momentum appears to be picking up after the launch of the iPhone 17 lineup and Services growth in the low-to-mid teens appears durable with a diverse base of growth,” Daryanani said. Apple’s big debate in the coming year will center around how the firm can monetize and drive incremental revenue streams from its expected Siri upgrade next spring. AAPL YTD mountain Apple shares year to date Cloud networking stock Arista Networks has popped 19% in 2025. Daryanani said he continues to see upside bias to the company’s target aggregate AI revenue for 2026. “We think ANET has the potential to deliver revenue acceleration in CY26 (vs. ~27% growth in CY25) through strong momentum across AI programs (back-end), core front-end growth, campus share gains, and new customer ramps (OAI, xAI, etc.),” Evercore ISI wrote. ANET YTD mountain Arista Networks year to date
