According to Shannon Saccocia, Chief Investment Officer at Neuberger Berman Private Wealth, the recent market sell-off of artificial intelligence-related stocks has been excessively broad and reflects a clear emotional reaction. Saccocia stated in an interview that currently, almost any asset "touched by AI or potentially disrupted by AI" is being sold off. Investors are overly focused on disruptive risks while overlooking the underlying growth opportunities, describing the selling as "somewhat indiscriminate." She pointed out that this widespread sell-off precisely creates a significant window for active fund managers to build positions and screen for companies with genuine competitive advantages. "This so-called indiscriminate selling, in fact, provides an opportunity for active stock selection. What we are truly looking for are companies that can implement AI and use it to build competitive barriers," she said, noting this is one of Neuberger Berman's key investment themes this year.

Currently, Neuberger Berman maintains an overweight position in non-technology sectors, including small-cap stocks and some cyclical industries. Saccocia specifically highlighted strong recent momentum in the energy, materials, and certain real estate segments, noting that "these sectors are significantly underweight in most US investor portfolios" and advising investors to look beyond traditional benchmarks. Regarding the pervasive pessimism in the software industry, Saccocia holds a contrasting view. "It seems like everyone now thinks, or investors to some extent believe, that this entire sector is full of losers," she remarked frankly. She recommends focusing on software companies that are "deeply embedded in customer experience processes," rather than those merely providing standardized subscription services. In her view, the key to anti-fragility lies in having consultative service capabilities and diverse customer touchpoints. More importantly, "We are seeking companies that have already integrated AI into their solutions, enabling them to leverage external AI forces to gain a leading edge and stay ahead of disruption."

Looking ahead, Saccocia believes the current cyclical rebound remains sustainable even without looser monetary policy. She urges investors not to overlook the diversification value of small-cap stocks and international markets, stating, "Economic momentum and cyclical recovery are still ongoing, and investors should prepare for this."