As my colleague Kenneth Lamont recently wrote, artificial intelligence is the “defining investment theme of our era.” The most well-known beneficiary is Nvidia (NVDA), which became the world’s first $4 trillion company by enabling the technology. Less obvious winners include Vertiv (VRT), an industrial business that supplies AI data centers.
But ever since ChatGPT burst onto the scene nearly three years ago, traditional growth stocks have captured most of the market spoils. Morningstar’s broad US growth index has outperformed its value counterpart by a wide margin since late 2022.
Will the value side of the market ever make a sustained run?
This post originally appeared at Morningstar.