Your Artificial Intelligence (AI) Portfolio Probably Looks Very Different Than It Did 6 Months Ago. Here's Why That's OK.

Group 1 - The market is experiencing a shift from AI "builders," such as infrastructure providers and chip companies, to AI "adopters," which are companies utilizing AI to enhance productivity and margins [4] - The rotation away from AI stocks began in early 2026, as investors questioned why fundamentally unprofitable AI companies were trading at similar multiples to those benefiting from AI [2] - The software sector faced a sell-off as the market attempted to differentiate between companies that maintain pricing power in the face of AI disruption and those that do not [5] Group 2 - The release of agentic tools by Anthropic raised concerns about the viability of traditional SaaS fees, leading to a market panic that affected both strong and weak companies [6] - The semiconductor sector has shown resilience, with the Russell 1000 Semiconductor Index performing well compared to the software sector, indicating continued investment in physical AI infrastructure [7] - Companies involved in data center cooling and fiber connectivity reported record backlogs and launched new products, reflecting ongoing growth in parts of the AI stack that are generating real revenue [7]