Artificial intelligence (AI) has been a hot topic in the stock market recently, with AI-adjacent stocks leading the way in the bull rally. But according to Aaron Dunn of Morgan Stanley Investment Management, there are still some potential beneficiaries of the AI trend that haven’t fully caught up yet.
In a recent interview with CNBC, Dunn highlighted Micron and Accenture as two stocks to keep an eye on. Micron, a semiconductor manufacturer, stands to benefit from the growing demand for memory chips in the AI space. Dunn believes that as demand for memory chips outpaces supply, Micron’s new technology could help the company capitalize on this trend.
Meanwhile, Accenture, a professional services firm, is well-positioned to help businesses navigate the implementation of AI technologies. As companies begin to adopt AI and large language learning models, Dunn sees Accenture as a key player in guiding them through this process.
While Micron and Accenture have both seen gains this year, Dunn acknowledges that there may be some risk of a pullback in the near term. However, he believes that both stocks have strong long-term fundamentals that make them compelling investments.
Dunn’s fund, Eaton Vance’s Focused Value Opportunities Fund, has had a mixed performance this year compared to its benchmark, the Russell 1000 Value Index. Despite this, Dunn remains optimistic about the fund’s long-term potential and the opportunities presented by the AI trend.
As AI continues to shape the future of technology and business, investors may want to consider companies like Micron and Accenture that are poised to benefit from this transformative trend. With the right strategic investments, there could be significant opportunities for growth and success in the AI space.
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