AI fears may be mispricing these 24 stocks, Jefferies says

Core Viewpoint - Jefferies analysts believe that certain US stocks are undervalued despite concerns regarding AI-driven disruption, identifying 24 companies that may emerge as long-term winners [1][2]. Group 1: Identified Companies - The list of 24 discounted stocks includes notable companies such as Airbnb, DoorDash, Meta Platforms, Microsoft, Palo Alto Networks, Snowflake, and Spotify [2]. Group 2: Market Performance Insights - US equity benchmarks are near all-time highs, but single-stock performance has diverged significantly, with the one-month realized correlation among S&P 500 constituents at 15-year lows since late 2025, indicating increased dispersion [3]. - Over the past six months, sectors like REITs, software, professional services, diversified financials, and insurance, particularly brokers, have underperformed the broader index by 10% or more [4]. Group 3: AI Impact and Company Potential - Some companies may benefit from AI due to factors such as proprietary data, regulatory or security moats, and scale advantages, suggesting that their valuations are compelling [5]. - Analysts argue that many of these companies could eventually be recognized as beneficiaries of AI, despite their recent underperformance [5].