These fill the gaps in my portfolio. The top three are my highest-conviction buys right now. The bottom four are also buys, sized smaller.
ISRG
Intuitive Surgical
AI-accelerated medicine is moving from prediction to reality. Intuitive Surgical is where AI meets physical intervention in the human body: 11,395 surgical systems worldwide, 80%+ recurring revenue, Q1 2026 revenue up 23% with a 7% stock jump post-earnings. The da Vinci platform has the installed base, the proprioceptive data from millions of procedures, and the recurring revenue model to fund AI integration at scale. Ion lung biopsy procedures up 39% in Q1. When world models reach surgical precision, ISRG already has the physical layer.
Position
€800-1,200 · DCA over 3-4 months
Fills gap: Medical robotics (zero exposure currently)
Risk factors
- 45x NTM earnings is premium; multiple compression risk in risk-off markets
- Competition from CMR Surgical, Medtronic Hugo
- US healthcare reimbursement policy changes
- Long hospital capex sales cycles
CCJ
Cameco Corporation
Data center electricity demand nearly triples by 2030 (IEA: 415 TWh to 945-1,580 TWh). Nuclear is the only power source delivering baseload reliability at that scale. Cameco is the world's largest publicly listed uranium producer at roughly 15% of global primary supply. A $2.6B long-term supply agreement with India's nuclear program just signed. And here's what nobody talks about: Russia supplies 40% of Western uranium enrichment. Every tightening sanction accelerates Cameco's contract book. This is the single best hedge I know against both AI energy demand and Middle Eastern disruption simultaneously.
Position
€800-1,200 · 5-10 year hold
Fills gap: Nuclear / power generation (zero exposure currently)
Risk factors
- Uranium spot price volatility (~$70-75/lb)
- Mine operational issues (Cigar Lake, McArthur River)
- New large-scale nuclear incident could collapse political support
- Kazakhstan production risk via Kazatomprom joint venture
ETN
Eaton Corporation
Every data center needs two things: compute and power delivery. The media covers GPUs and cooling. Nobody covers what sits between the grid and the rack: switchgear, power distribution, transformers, power management. Eaton owns that invisible layer. Electrical Americas growing 10% organically driven entirely by data center demand. The detail nobody else mentions: Eaton is co-engineering 800V DC power architecture directly with NVIDIA. That's joint R&D, not a supplier relationship. A $9.5B acquisition of Boyd's thermal business from Goldman Sachs closes next year at 70% growth. Q1 earnings on May 5 are the next catalyst.
Position
€800-1,000 · DCA before and after May 5
Fills gap: Electrical infrastructure / power delivery (zero exposure)
Risk factors
- ~35x NTM earnings, premium for an industrial
- Boyd's $9.5B acquisition integration risk
- Tariff exposure on electrical components
- Economic slowdown could defer data center capex
MRVL
Marvell Technology
NVIDIA made a $2B strategic investment in Marvell on March 31, integrating their custom silicon into the NVLink Fusion ecosystem. Google is in active negotiations for two specialized AI chips. FY2026 revenue hit $8.2B (+42% YoY), guiding FY2027 above $11B. Custom XPU is how hyperscalers escape NVIDIA pricing constraints. Marvell is building those weapons. Stock up 30% in April alone; analyst consensus PT at $121 implies the partnerships aren't fully priced. Average in over three months rather than chasing the run.
Position
€600-900 · Average in over 3 months
Risks
- Competition from Broadcom for custom chip mandates
- Google chip development still in negotiations, not contracted
- Stock has already run 50% YTD
AVGO
Broadcom
CEO Hock Tan projected $100B+ in XPU revenue in FY2027 alone, more than 1.5x Broadcom's entire FY2025 revenue. Q1 AI semiconductor revenue came in at $8.4B (+106% YoY). Custom silicon partnerships with Google, Apple, Meta (extended through 2029), and NVIDIA. Broadcom is building weapons for every side of the AI war simultaneously. The safer play alongside MRVL: more diversified customer base, lower volatility. Size both as one "custom silicon" allocation.
Position
€600-800 · Treat with MRVL as one theme
Risks
- Google represents ~50% of AI revenue, single-customer concentration risk
- Antitrust scrutiny in networking ASICs
- VMware integration complexity (acquired 2023)
CRWD
CrowdStrike
Every new AI agent is a new endpoint. Every API call is a new vector. The cybersecurity attack surface expands geometrically with AI proliferation. CrowdStrike crossed $5B ARR (+24% YoY) with record net new ARR of $330.7M in Q4, an acceleration less than two years after the July 2024 outage. The resilience test was passed. Purple AI at 40% attach rate. The CEO calls it "mission-critical infrastructure: securing AI from GPU to agent to prompt." Watch for corrections toward $350-370 to build a position.
Position
€600-800 · Target dips toward $350
Risks
- Residual trust deficit from 2024 outage (largely recovered)
- Competition from Microsoft Security, Palo Alto Networks
- ~50-60x forward earnings is premium
BABA
Alibaba Group
China is a co-equal AI force. DeepSeek proved it in January. Alibaba's Qwen model family is the most downloaded open-source model on HuggingFace globally. AI investments nearly doubled quarter-over-quarter to $2.9B. Cloud revenue forecast at 40% YoY growth. The stock sits 31% below analyst consensus ($190-230) because of tariff panic that has already started reversing (+14% in April alone). At 10-12x forward P/E versus US tech at 25-40x, this is the asymmetric gap my worldview explicitly identifies. VIE structure is the real risk. Size accordingly, this is the highest-asymmetry position in this set.
Position
€500-700 · Highest risk, highest asymmetry
Risks
- VIE structure: no legal claim on mainland Chinese assets
- US ADR delisting risk (SEC/PCAOB ongoing tension)
- Taiwan conflict scenario would be catastrophic
- Xi regulatory intervention (2021-style crackdown could repeat)