Brian Dress, CFADirector of Research, Investment Advisor, Left Brain Wealth Management, LLC · Wealth Strategy for Corporate Executives & High-Net-Worth Investors | Concentrated Stock & Equity Compensation Planning | Director of Research | CFA | Left Brain Wealth Management

The AI story isn't ending. It's expanding: Beyond Nvidia -- What's Next?

2 Aug 2026 · 1 min

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1:22

In this brief dialogue, the hosts discuss how the AI conversation is evolving beyond the dominant focus on Nvidia. They argue that many investors are still evaluating older, traditionally cyclical companies through a rear‑view‑mirror lens, treating them as short‑term cycle plays. As AI spending continues to grow and its impact broadens, these legacy businesses could become secular growth stories, requiring a new investment framework. The segment invites viewers to watch a full‑length Left Brain Investment Committee episode for a deeper market outlook and to share their thoughts on the next wave of AI winners.

One thing that stood out to us this quarter is that the AI conversation has started to change. Most people immediately think about NVIDIA when they think AI, but we're starting to ask a different question. If AI spending keeps continuing and expanding, who benefits next? Nolan, when you look at the market today, do you think investors are still looking in the wrong place?
I think they're looking through the wrong pane of glass, and I think it's likely a lot of investors are looking through the rearview mirror instead of the windshield. If you look through the rearview mirror, what you end up seeing is a lot of these old economy, last generation, last tech cycle stocks being cyclical. And a lot of investors are still pricing them and evaluating like they're cyclicals. The problem is, as this AI story continues to grow in its duration and its aggressiveness on the upside, I think a lot of these businesses will turn into secular stories. And investors will need to evaluate them differently.
That's the important distinction. The AI story isn't ending. It's expanding. As leadership broadens, the next generation of winners may look very different from the first. If you enjoyed this discussion, watch our full-length Left Brain Investment Committee episode for a deeper look at where we think markets are headed. And let us know in the comments, where do you think the next wave of AI winners comes from?