AI to the physical world,” Moberg said Oracle Corp. (ORCL) is an important player. Mark Mahaney of Evercore Mark Mahaney is head of internet research covering U.S.-listed internet companies and has been covering technology in general for more than 15 years. He also agreed with Huang’s depiction of the three waves of AI deployment and the heavy-industry focus will be directing the largest wave of all. Tencent Holdings Ltd. TCEHY, China’s largest company by market value, “has gone into the business of autonomous cars and digital health,” he said. “So they are a business of the opportunities that will be [available] through generative AI. This company is doing the kind of research and development required for heavier use, or practical forms of autonomous cars and digital health.” It’s an inexpensive way to invest in Nvidia. He noted that Tencent’s stock trades modestly above book value and has been trading for about 25 times forward price-to-earnings ratio. Andrej Rusjan of ClearBridge Investments Andrej Rusjan is the co-portfolio manager of the ClearBridge Large Cap Growth fund SBIQX, which has a focus on “companies that can compound their growth capital at an above-average rate for multiple years.” He said that Nvidia and Microsoft are “major beneficiaries in the first and second AI wave,” and that Facebook parent Meta Platforms Inc. (META) and Alphabet are also well-positioned for investment. His fund, which has a five-star rating from Morningstar, showed that as of Sept. 30, its largest holding was Meta Platforms at 8.6% of its assets, with Nvidia at 3.5%, and Microsoft at 2.5%. Summing it all up These money managers certainly have their eyes on companies that could stand to benefit from the “third wave” of AI deployment, with a focus on industrial firms. They are also considering companies with exposure to generative AI, and some are already invested in these stocks. With Nvidia and Microsoft leading the way in the first and second waves, the focus on the third wave is incredibly exciting. But what are your thoughts? Which companies do you think will stand to benefit the most from the third wave of artificial intelligence? Let us know in the comments!
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