Over the past year, the so-called Magnificent Seven (Mag 7) have dominated the equity performance in the United States. This was mainly driven by investors looking to invest in artificial intelligence (AI). However, investors should not overlook non-US tech companies in the AI sector, opines Janus Henderson.
“Many of these non-US tech firms now trade at a discount to their Mag 7 peers, given the equity market concentration of 2023. In our view, investors who want to maximize the AI theme would be wise to broaden their view in 2024,” says Portfolio Manager Julian McManus.
McManus cites Dutch semiconductor capital equipment maker ASML or South Korean SK hynix, the leading producer of cutting-edge memory chips, as examples.
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