US technology basket

The following basket includes three companies from the USA technology sector. AMZN, IBM and ADI generate almost the whole complex of AI solution, except for hardware (NVIDIA GPU). Together, they cover cloud infrastructure, enterprise software, and physical edge hardware. All three of them already have provided financial reports for the past quarter. Additionally, according to our internal scoring model all there have high score.

Amazon.com Inc [Internal score 74/100] is one of the largest technology companies in the world. Amazon Web Services generates core revenue (around 60% of operating income). According to Q2 2026 report, AWS growth accelerated to +36.7% y-o-y, showing the highest growth rate in recent years due to demand for AI infrastructure. Other two segments of Amazon business are Digital Advertising and E-Commerce & Logistics.

Revenue for the 2nd quarter of 2026 increased by 20% y-o-y to $200.6B, while operating profit soared by 43% to $27.5B. Net Income for the quarter exceeded $20.5B vs $18.5B in for the same quarter of 2025. Even though that FCF for the past quarter was negative and above 8.8B due to strong CapEx in AI infrastructure, analysts expect that FCF will turn positive already in the 4th quarter of 2026.

Analog Devices Inc [Internal score 82/100] is an American technology giant and one of the world leaders in the development and production of analog, digital-to-analog, and integrated signal processing circuits. Analog Devices is divided in four segments: Industrial (50% of revenue), automotive (24%), communication (15%) and Consumer (11%).

According to the financial report for the 2nd quarter of 2026 revenue increased 37% y-o-y and amounted to $3.6B. EBITDA margin for the quarter was above 62% level. Net income exceeds $1.5B vs $921 mln for the same quarter in 2025. Company is able to generate positive FCF which is 36% of the revenue and stays positive for at least each quarter of the last 6 years. It should be noted that Amazon is one of the clients of Analog Devices, though revenue contribution is slightly above 1%.

International Business Machines Corporation [Internal score 79/100] is one of the oldest and most respected giants in the global IT industry, founded in 1911. Current business model focuses on Software, Consulting and Infrastructure segments. Recent financial results appeared to be below than expected. Additionally, part of the deals with corporate clients were postponed to the 3rd and 4 th quarters of the year and the year revenue guidance was decreased from 5%+ level to 4- 5%.

Despite this revenue exceeded $17.1B (+1% y-o-y). Gross margin remained on the level of 58% around average for previous quarters. Net income slightly decreased to $2.3B vs $2.7B for the same quarter of 2025. FCF stayed positive and is on $2.4B level (14% of the revenue). CapEx level also did not increase q-o-q and stayed around $230 mln level.

The entry point looks better now because one of the main risks for US tech has eased: the market-implied chance of a September Fed hike has fallen from around 50% to 30%, reducing pressure on growth valuations. ADI reports on 19 August, while Amazon’s continued heavy AI investment and cloud capacity shortages show that infrastructure demand is still running ahead of supply. IBM also has room to recover if the enterprise deals pushed into the second half start converting, giving the basket several catalysts beyond the Q2 results already reported.