Recently, I noticed a very interesting phenomenon. Garmin, a GPS technology company, released a solid earnings report earlier this year, and its stock price surged to a record high, seemingly ready to break through a new trading range. I think this case is worth paying attention to because it demonstrates how certain top tech companies are maintaining growth amid the AI boom.

Garmin is a bit special. Many people may still remember its glory in the automotive navigation field, but in fact, it has long diversified. Fitness wearables now account for about one-third of its revenue, and outdoor products make up nearly 30%. In addition, its aviation and marine businesses are also steadily growing, both high-end, high-barrier markets.

The numbers still look quite solid. Sales in 2025 grew by 15%, and adjusted earnings per share increased by 16%, which is not bad among tech stocks. Even more interesting, they shipped over 20 million devices last year, setting a new record. The fitness segment saw particularly rapid growth, with a 42% year-over-year increase in Q4. The company also increased its dividend by 17% and announced a $500 million buyback plan, indicating strong cash flow.

Personally, I think Garmin is relatively calm in this wave of AI, and the reason is simple—people still need to wear its products and install its systems on planes and ships. This is not software and is not easily disrupted by AI. Compared to tech companies facing AI threats, Garmin’s business model is more stable.

From a valuation perspective, it’s still okay. Although the stock price has risen quite a bit, its current valuation is only slightly above the average level of the tech sector. Analysts have given it a Strong Buy rating, and their growth expectations for the next few years are quite optimistic. Such top tech companies are indeed worth paying attention to in today’s market environment. If you’re looking for some relatively stable tech stocks with growth potential, this is a direction worth researching.