Ajinomoto 的案例说明，AI 红利不只在晶片与超大规模云端业者之内。公司 5 月财报称，冷冻食品部门因召回而在上一财年下滑，但半导体薄膜业务出现「显著获利成长」。Lau 将其视为高毛利、高护城河、可驱动获利的引擎，并表示她也在寻找第二、第三层受益者，包括用于资料中心散热的氦气供应商。
市场表现显示，资金正往更广的 AI 受益链扩散。BofA 指出，S&P 500 内股票相关性降至 2018 年以来最低、绩效分歧升至金融危机以来最高；今年截至目前，43% 的大型主动型基金跑赢大盘，高于 2025 年的 29%，也高于自 2000 年以来 37% 的长期平均。投资人因此转向水务、公用事业、欧洲电力与天然气管线等名字，例如 American Water Works、Pentair、Schneider Electric、E.ON、Williams 与 ONEOK。
The beneficiaries of the artificial intelligence capex boom are spreading beyond technology giants. Laura Lau bought Ajinomoto Co., a Tokyo company best known for MSG but also for its ABF insulating film used in high-performance semiconductor packaging; it controls more than 95% of the global market for insulating materials used in personal computers and data center servers. Ajinomoto shares are up 61% so far in 2026, on pace for their best year since 1986, and Lau added to her position after first buying in July.
Ajinomoto illustrates how AI upside is not limited to chips and hyperscalers. Its May earnings report said the frozen-food segment fell last fiscal year because of recalls, while the semiconductor film business delivered “significant profit growth.” Lau called the film a high-margin, high-moat earnings engine, and she is also looking for second- and third-order winners such as helium producers that can benefit from data-center cooling demand. (Key numbers: 5)
Market data suggest the search for broader AI winners is creating more dispersion. Bank of America said S&P 500 stock correlations fell to the lowest since 2018 and performance dispersion rose to the highest since the financial crisis. Some 43% of active large-cap funds are outperforming the index this year, up from 29% in 2025 and above the 37% long-term average since 2000. Investors are moving into water utilities, European wiring firms, natural-gas pipelines and other “value” plays such as American Water Works, Pentair, Schneider Electric, E.ON, Williams and ONEOK.