The first wave of AI stocks — including chipmakers like Nvidia and Broadcom, as well as hyperscalers like Microsoft, Meta, and Amazon — may all still be great buys.

But there’s no mistaking the high expectations that investors are placing on these household names going forward. Plus, the uber-explosive earnings growth for names like Nvidia may soon start to slow, as the company told investors in its recent earnings call.

So if you missed their run-ups in the market, you might be feeling like you missed the boat on the AI trade. (To be fair, you probably didn’t miss out entirely — these companies have huge exposures in the S&P 500 and Nasdaq 100, meaning most index investors already have some fairly sizeable positions in the AI giants.)

But if you’re looking for some overlooked AI firms, there are still plenty of opportunities out there, according to Que Nguyen, the CIO at Research Affiliates, and Brian Mulberry, a senior portfolio manager at Zacks Investment Management.

In recent interviews with Business Insider, the duo shared some of their preferred non-mega-cap AI stocks right now.

For Nguyen’s part, she said to look to stocks like Western Digital (WDC), Seagate Technologies (STX), Hewlett Packard Enterprise (HPE), and Micron Technology (MU) — all data storage providers.

“One of the things that I see is AI is spreading and benefiting an entire ecosystem of technology companies,” Nguyen said. “So you look at even boring companies like hard disk companies — in order to have AI you need to be able to store a lot of data and get it quickly, right?”

“None of these companies is nearly as expensive as the Mag 7,” she continued. “Don’t just stick with the Mag 7, or Nvidia and AMD. Look more broadly — own something diversified. You have no idea where the next killer app is going to come, or where the next big investment theme is going to be.”

Some examples of diversified products offering specific AI and tech stocks expsoure include the Global X Artificial Intelligence & Technology ETF (AIQ) and the iShares AI Adopters & Applications UCITS ETF (AIAA).

Meanwhile, Mulberry said he likes stocks like Amphenol (APH) and Emcor (EME).

Both are hardware providers, and are raking in money from hyperscalers as they spend hundreds of billions to build out their AI data centers, Mulberry said. Consensus earnings estimates for both firms show growth in the next couple of years, he said.

“They’re simply benefiting from the actual dollars being spent without having to increase their own capex,” he said of the stocks.

He continued: “They’re very specialized electrical connectors, and they don’t have to do anything other than just show up and start helping build out data centers with their expertise.”

Moscow State University named after M. V. Lomonosov (MSU) has established a faculty of artificial intelligence. Preparations are underway for the first student intake, announced the institution’s rector, Viktor Sadovnichy, to journalists.

MSU hosts a Research Center in the field of artificial intelligence, an AI Institute, and the ‘Intellect’ fund.

“The new faculty will integrate all these elements into a single system, ensuring comprehensive training for this field and promoting broader implementation of neural networks in various research areas. The first student intake will take place next year,” clarified the MSU press service.

On September 1, 2023, the university launched the MSU-270 supercomputer, aimed at the development of AI systems and research using the technology.

Earlier, it was revealed that Russia does not plan to introduce AI regulation in the next two years.

Back in December 2024, Russia created a virtual assistant based on AI for psychologists, which doubles productivity, service quality, and revenue.

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Developers are not only investing in technology but are also adjusting their overall strategies to navigate a competitive landscape. The report shows that 57% have diversified their portfolios to address economic uncertainty. An equal percentage are offering incentives, such as covering stamp duty costs, to facilitate transactions.

Sustainability is gaining prominence in development decisions. Nearly two thirds (63%) of those surveyed identified sustainability as a key factor for both developers and buyers.

“Developers have time and time again proven themselves to be agile and adaptive in the face of tough and fast evolving market challenges,” said Terry Woodley (pictured right), managing director of development finance at Shawbrook. “It’s no surprise to see developers increasingly making use of AI and wider technology, and shifting their priorities, to optimise business performance – and this will without doubt only become more commonplace as everyone tries to get ahead of the curve and get an edge on competitors.

“The government’s focus on housebuilding should also provide added impetus, and present opportunities for new, sustainable projects for developers to capitalise on. Speaking to a specialist lender could unlock new possibilities for those looking to accelerate their plans and future proof their business plans.”

Planning approvals in England have recently fallen to their lowest level in 13 years, fuelling doubts about the government’s ability to deliver 1.5 million new homes. Recent polling shows two-thirds of UK adults lack confidence in Labour’s housing target, while Savills has projected that the goal is unlikely to be met. In response, Prime Minister Keir Starmer introduced Extract, an AI assistant developed with Google, designed to digitise handwritten planning records and modernise the planning process.