My Stocks and Shares ISA and Self-Invested Personal Pension (SIPP) portfolios have started 2026 forceful. Some farms grew by double digits, which is a pleasant surprise.

Let’s take a closer look at what’s happening and why FTSE100 wrestling started to worry me.

Big portfolio moves

One of the forceful positions in the stock market in early 2026 was artificial intelligence (AI). Growing demand fueled by artificial intelligence is causing memory chip shortages, driving up prices.

I don’t own any of these memory chip stocks, but my SIPP owns a leading chipmaker A Taiwanese semiconductor company increased by 8.7%.

Meanwhile, my largest holding, MercadoLibreincreased by 8.2%, mainly as a result of events in Venezuela. It serves the largest e-commerce market in Latin America and could theoretically re-enter Venezuela now (if the government embraces capitalism).

Even one of my worst choices ever – an mRNA vaccine manufacturer Modern — joined the party. It’s up 15% so far this year (although still too much in the red for me).

An enhance of 11%, BlackRock global mining fund continues to benefit from soaring gold and copper prices, building on last year’s 73% enhance.

A newer entry – a premium sportswear brand On hold — increased by 9%.

Growing defensive actions

Another trend that my portfolio is benefiting from is the pointed rise in prices of defense stocks. This has been triggered by events in Venezuela and elsewhere, where President Trump is now calling for a massive enhance in US military spending to levels $1.5 trillion in 2027

As such, BAE systems AND Rolls-Royce increased by 19.7% and 10.3%, respectively, since the beginning of the year. BAE sources almost half of its revenues from the US.

My third largest holding, Akson companyalso benefited, increasing by almost 8% as it receives some defense-related revenue.

A smaller holding — a manufacturer of electric aircraft Joby Aviation — could also benefit from higher military spending. It has a contract to supply aircraft to the US Department of Defense. Therefore, in 2026, its shares increased by 15.5%.

I’m starting to worry

While I’m cheerful with this start, I obviously don’t count the chickens after a week. AI and defense stocks could pull back quickly, and not all of my stocks are going up (Roblox dropped by 10% and is in free fall).

One farm with FTSE100 I’m worried about this Coca-Cola HBC (LSE:CCH). The company produces and distributes Coca-Cola brands in many European and African countries, from “from the west coast of Ireland to the tropics of Nigeria“.

The company’s shares are up 42% over the last 12 months, driven by solid operating results.

So what do I mean? Well, most of the company’s revenue comes from pliable drinks, and I’m concerned that their sales may be increasingly influenced by GLP-1 weight loss drugs.

Multiple clinical studies show that these treatments can reduce sweet cravings, which could theoretically include sugary drinks (and perhaps even the taste of them, making them seem more metallic).

Like every day Vega as the pill becomes cheaper and available to untold millions of people over the next decade, including in emerging markets, I fear this could hurt sales growth.

Admittedly, Coca-Cola HBC also sells water and coffee and does not have a huge snack business. The shares are budget-friendly. So I don’t see any immediate threat.

Still, I fear he may eventually suffer a similar fate Diageo. As such, I will be keeping Coca-Cola HBC on a compact leash while exploring other opportunities for the FTSE 100.