Feb. 24 at 8:55 PM
The “anti-AI” trade is gaining traction as investors rotate out of expensive software stocks and into HALO names—heavy assets, low obsolescence companies seen as more resilient to AI disruption.
Goldman Sachs says capital-intensive European firms have outperformed capital-light sectors by 35% since 2025. Stocks like Nestlé , Airbus, and ASML have held up better than software peers amid fears that AI tools could erode traditional SaaS models.
In the U.S., automakers such as General Motors and chip-related names including Advanced Micro Devices and Applied Materials are outperforming, with the semiconductor ETF up sharply over the past year.
Strategists say markets are rewarding infrastructure, scale, and tangible assets over AI hype, suggesting the rotation may continue.
$GS $GM $AMD $AMAT