Your Artificial Intelligence (AI) Portfolio Probably Looks Very Different Than It Did 6 Months Ago. Here's Why That's OK.
2026-03-29 12:50:00 ET
If you have had a heavy artificial intelligence (AI) position over the last year or two, it probably included many of the same names: Nvidia , Advanced Micro Devices, Microsoft , a few hyperscalers, and maybe some software-as-a-service (SaaS) plays that had "AI" somewhere in the investor deck. Back then, if a CEO or someone on an earnings call whispered "AI implementation," it felt like the stock would rocket 15% overnight.
Today, if you've been paying attention, the list of trendy AI stocks looks different. As a result, some AI positions are down significantly . Some of the things you didn't own are up.
The rotation away from AI began quietly. In early 2026, investors began asking a question the market had avoided for two years: if AI is going to reshape every industry (i.e., will AI steal my job?), why are companies that are being reshaped trading at the same multiples as those doing the reshaping?? In other words, why are some of these massive private and public AI companies fundamentally unprofitable, burning massive amounts of cash on compute, while real customer demand and revenue don't justify the costs?
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