Artificial intelligence is changing the way the market invests and, paradoxically, may be favoring companies in the so-called "old economy." This movement has been gaining momentum among global fund managers and has become known as "HALO trading," an acronym for Heavy Assets, Low Obsolescence — assets that are heavy and have low technological obsolescence.
This thesis reflects a shift in investor perception in the face of the rapid advancement of AI. Instead of betting solely on digital companies, there is growing questioning about the high multiples paid for businesses that can be quickly transformed by the technology itself.
In an interview with Janela de Mercado, a NeoFeed program that gives voice to leading stock market strategists, Aline Cardoso, head of research and strategy at Santander, states that this new perspective has led investors to seek companies linked to the real economy, such as infrastructure, energy, mining, and utilities.
These are companies that provide the physical infrastructure for the expansion of the new digital economy, what many analysts call the "picks and shovels" strategy of artificial intelligence.
According to Aline's assessment, the Ibovespa is well-positioned in this scenario, precisely because of its strong presence of companies intensive in physical assets and regulated infrastructure, which has been favoring the entry of foreign capital into Brazil.
Watch the video to discover the five stocks chosen by Santander's strategist, considering the HALO thesis.
