Tech selloff? Buy these 3 non-tech AI winners now

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As AI tech stocks wobble, Plancorp CIO Peter Lazaroff calls the pullback “extraordinarily healthy”—revealing how retail investors can profit from the boom’s next phase and naming three non-tech stocks to buy now.

Caroline Woods: Joining me now, Peter Lazaroff chief investment officer at Plancorp. Peter, great to have you at the desk.

Caroline Woods: All right. So after the recent volatility that we've been experiencing in AI stocks, you say we're still in the early innings of this AI boom. What gives you confidence that this isn't the beginning of a much bigger AI unwind.

Peter Lazaroff: You know when you look at the data on just how few people are actually using AI in their daily lives, that's probably what gives me the most confidence that, sure, maybe you and I and our viewers are constantly talking to Claude or ChatGPT, or they're using AI assistants, but less than five people are really using AI on a daily basis.

Peter Lazaroff: And of that, maybe like 1% are using it for really heavy lifts that truly leverage the power of AI. I also think you're in the early innings of seeing corporations adopt and sort of rewire their workflows to gain productivity, to have better customer service, and to maybe turn some shoppers into actual buyers on the sales side. We are a consumption-based economy.

Peter Lazaroff: There's no doubt that the health of the consumer is going to drive massive what goes on in our economy and often in the stock market. But when you have something in the background nudging people towards sales or improving their preferences or improving the inventory that these corporations have. There's a lot to be optimistic about.

Caroline Woods: And on that note, you believe the best opportunities as it relates to investment opportunities may be in companies that are already profitable and that can use AI to be more productive. Why is that a better opportunity than owning the companies that are responsible for building AI?

Peter Lazaroff: So I think if you are thinking about AI as a general-purpose technology, something like railroads or electricity or the internet, well, the winners aren't always the people who are making the actual product.

Peter Lazaroff: And when you…

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