Name: Evaluating Investing Opportunities Beyond AI
Uploaded: 2025-12-10T14:34:00Z
Duration: 4 min 12 s
Description: Jack Hough talks to TJ Thornton, Head of Global Research Product Marketing at BofA Securities about diversifying stocks to hedge AI risks.

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Jack Hough talks to TJ Thornton, Head of Global Research Product Marketing at BofA Securities about diversifying stocks to hedge AI risks.

https://m.wsj.net/video/20251210/8e164ff7-1500-4c2f-8713-e891c640a0f4/1/hls/manifest-hd-wifi.m3u8

Evaluating Investing Opportunities Beyond AI

I am sitting with TJ Thornton, head of research marketing at BofA Securities. You've published a piece of research here. Is it a reverse theme? Is it an anti-theme? The theme is what it's not, and it's not AI stocks. It's stocks that are expressly not in AI. They have little or nothing to do with AI. What's the purpose of this piece of research? Why is that an important thing to put out now? Is it a way to compliment the exposure you have and maybe your stock index funds?

Yeah, I mean, I think, first, thanks for having me. There were a lot of reasons why we did it. I think one is that we all know the AI stocks pretty well, right? So, yes, there's some value in talking about Nvidia and the quarter and what we think.

I've heard of that one.

Yeah, yep. But that gets a lot more exposure than stocks that don't fit that AI theme. And so there was a view that maybe we were, or not we specifically, but generally in the market, these non-AI stocks are being sort of neglected, and because there's so much interest in the AI stocks, flows had been moving in that direction that maybe there were some opportunities outside. And then on top of that, there's been this persistent talk of whether there's an AI bubble and whether that might burst. And it's a very difficult thing to know when that may happen. And we're not necessarily saying that that's going to happen. But if your view is that we're sort of closer to the end of the AI trade than not, stocks that don't have exposure to AI may be one's worth looking into.

Something that can maybe hedge your exposure in, if you have a big benchmark, if you have an S&P 500 fund, you're loaded up with AI right now, these are the kinds of stocks that can help you diversify away from that. How did you go about identifying these stocks? I mean, we can think of names. We can think of, okay, here's a company that makes french fries. I don't know if they have anything to do with AI. Maybe they use AI to help shape the fries or something like that. But presumably, that's mostly a potato-based business. But there must be more to it than that than just thinking of companies that are not involved in AI. How did you go about selecting the ones that people ought to take a look at now?

Yep, yep, so good question. And you're right. I mean, you could probably find an AI angle for just about any stock out there, but we looked to exclude the stocks that are most associated with the theme. And the way that we did that is we looked at ETFs and baskets with AI stocks. And if there were stocks in those ETFs or baskets, we made sure that they were excluded from the screen that we started with. So yeah, you could have a french fry company that might benefit somehow from AI. I mean, people, there's a salad chain in New York and there's been an AI story, or at least an automation store in that one. But we wanted to eliminate the names that were most closely associated, that were semiconductors, that go into data centers, servers that go into data centers, the software companies writing the AI code and owning the large language models. We wanted to exclude all that stuff. And then beyond that, we also wanted to make sure that there were some other interesting things happening, that it was more than, they were just not AI stocks, that they had positive revisions over the last three months, that they were trading below the market multiple, which is not that hard. But given that a number of these AI stocks have sort of inflated the market multiple, and were off their highs. And that's the list that we started with.