Artificial intelligence isn’t only benefiting technology companies. A host of stocks in other industries also stand to gain, according to Nancy Tengler, chief executive officer and chief investment officer of Laffer Tengler Investments. While shares of megacap technology companies such as Nvidia and Meta Platforms have soared on hopes that AI will usher in new technological advancements, higher productivity and profits, Tengler pointed to names outside tech that will also benefit from AI investments. “Our investing theme is old economy companies that are embracing the digital and generative AI pivot,” Tengler, the author of ” The Women’s Guide to Successful Investing: Achieving Financial Security and Realizing Your Goals, ” said last week on CNBC’s “Money Movers.” The money manager highlighted industrial and consumer discretionary stocks that have lifted their productivity and profit margins by embracing robotics and artificial intelligence. Tengler named several attractively valued stocks she called the “picks and shovels” of AI, including Emerson Electric , L3Harris Technologies , Visa , Walmart and McDonald’s . These companies are expected to boast continued strong growth and stock performance, aided by AI, she said. “Generative AI is much more compelling of a story than then the internet was in many ways,” in terms of fueling productivity and growth, Tengler said. But there’s “always a reckoning. That’s why we want to make sure that even with old economy companies in our portfolios, all of our strategies were able to materially outperform their benchmarks last year, and we would expect that to continue,” said Tengler, who has led the Arizona-based Laffer Tengler since 2018. Tengler pointed to Emerson Electric and L3Harris as industrial companies that are automating using digitization, and said her firm recently added to its positions in both. Moreover, Laffer Tengler is overweight on industrials generally, she said. Shares of Emerson Electric, which…
2024-03-09 09:15:00
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