Charu Chanana, Chief Investment Strategist at Saxo Bank, points to three companies that investors may want to watch in 2026 when looking through the lens of structural trends. She stresses that these are not investment recommendations, but rather examples of how to think about megatrends when selecting stocks for a portfolio.
Taiwan Semiconductor Manufacturing Company (TSMC), Eli Lilly, and GE Vernova are, in Chanana’s view, three names with strong momentum that could continue to perform well this year. They may have the potential to deliver returns above the historical 8.3% average that global equities (represented by the MSCI ACWI index) have generated since 1988, according to Bloomberg data.
A strong AI-driven tailwind
The first theme is technological development, where artificial intelligence plays a central role—but also represents a meaningful source of risk: will companies and investors earn attractive returns, or suffer losses due to misallocated capex?
“TSMC is the global leader in manufacturing the most advanced semiconductors. I believe it can remain at the center of the global expansion in AI hardware,” Chanana says. “Its 3 nm process technology and the upcoming 2 nm generation are exactly what should keep TSMC positioned as a key beneficiary of rapid AI development, because demand for high-performance computing is currently very strong.”
TSMC is expanding manufacturing capacity in the United States, Japan, and Germany, which strengthens the company’s resilience to both geopolitical tensions around Taiwan and China, and to risks stemming from trade policy and supply-chain security.
“The biggest risk is geopolitical tension around Taiwan,” Chanana notes. “But there is also the risk of a meaningful slowdown in AI or cloud investment, which could quickly hit a company like TSMC.”
She views AI-related spending as a cyclical risk—potentially temporary. In her assessment, consensus expectations for TSMC look encouraging: the market is pricing in 15–20% earnings growth in 2026, followed by 18–22% in 2027.
“That reflects continued growth in AI-related orders and supports a valuation that still looks reasonable given the company’s growth profile and dominant position in the industry,” she adds.
TSMC trades at a P/E of 23.7, while its forward P/E—based on expected earnings per share over the next 12 months—stands at 19.9.
Healthcare—without Novo
The second theme is healthcare. Here, Chanana skips Novo Nordisk and instead highlights its largest competitor.
“Eli Lilly sits at the center of the global metabolic-health boom, with extremely strong demand for diabetes and weight-loss drugs,” she comments. “Eli Lilly simply has a broader product portfolio than Novo Nordisk.”
Looking at P/E and forward P/E, she acknowledges that Novo Nordisk appears cheaper than Eli Lilly. However, Eli Lilly looks “cheaper” on the PEG ratio, which factors in price, earnings, and expected growth.
“Eli Lilly’s projected earnings growth is higher than the broader pharmaceutical sector,” Chanana explains. “Many large companies are growing at low to mid-single-digit rates, which means investors are paying a premium for the combination of revenue growth, margin expansion, and a relatively long earnings runway tied to GLP-1 drugs and other weight-loss products.”
Analyst consensus points to around 35% EPS growth in 2026 and 23% in 2027. Chanana notes that the stock is already richly valued at about P/E 43, reflecting the market’s belief in long-term demand for GLP-1 therapies. The key risks include price regulation that could force lower prices and require higher volumes to compensate, intensifying competition, and Eli Lilly’s significant dependence on its blockbuster drugs. As a result, any political, competitive, or clinical setback could have an outsized impact on profits and investor sentiment.
The green transition
The third theme is the transition toward renewable energy. In this area, Chanana highlights GE Vernova.
The company develops equipment and services for the power sector. Its share price surged in 2025, pushing valuations notably higher—so, as with Eli Lilly, close monitoring of risk is critical.
“To justify the high valuation, the company must continue delivering very strong results,” Chanana says. “GE Vernova sits at the intersection of electrification, rising energy demand from data centers, and the global energy transition. A significant portion of its order book is tied to long-term, high-margin service agreements, giving it a more structural earnings base than many traditional industrial companies.”
Growth expectations are exceptionally high: as much as 82% in 2026 and 53% in 2027.
“A forward P/E of roughly 59.5 suggests the market is already pricing in very strong growth,” she comments. “That reflects the major need for grid modernization, soaring power demand, and significant investment in renewables.”
In December 2025, GE Vernova held a capital markets day, during which it raised its financial targets, doubled its quarterly dividend, and expanded its share buyback program from $6 billion to $10 billion. Given the elevated valuation, the stock could be highly sensitive to project delays, budget overruns that compress margins, and policy announcements or subsidy changes. In addition, any slowdown in global growth or regulatory shifts could also weaken demand.
