A growing number of investors are shifting their focus away from artificial intelligence companies, opting instead for businesses less susceptible to disruption from the rapidly evolving AI landscape. This “anything but AI” investment strategy, dubbed the “Halo trade,” reflects a growing concern that the hype surrounding AI may be outpacing its immediate practical impact, and that companies heavily reliant on AI could face significant challenges.
The shift isn’t about dismissing AI’s long-term potential, but rather about identifying companies that can thrive alongside AI, rather than being potentially eclipsed by it. Investors are seeking businesses with established revenue streams, strong fundamentals, and a lower risk of being rendered obsolete by advancements in generative AI models like Anthropic’s Claude or OpenAI’s ChatGPT. This trend comes as Anthropic itself recently secured a massive $30 billion in Series G funding, valuing the company at $380 billion as of February 12, 2026, solidifying its position as a major player in the AI space.
What’s Driving the “Halo Trade”?
The core idea behind the “Halo trade” is to invest in companies that benefit from the infrastructure supporting AI, or those operating in sectors less likely to be directly disrupted. These include businesses involved in the manufacturing of semiconductors – essential components for AI processing – as well as those providing the necessary computing power. Nvidia and Microsoft, for example, are poised to benefit from Anthropic’s commitment to spend $30 billion on computing capacity according to reports from January 2025.
Beyond tech infrastructure, investors are also eyeing companies in more traditional sectors, such as healthcare, consumer staples, and industrials. These businesses often possess strong brand recognition, established customer bases, and relatively predictable cash flows – qualities that are particularly appealing in an uncertain economic environment. The appeal is that these companies are less likely to be upended by a new AI plug-in or chatbot.
Anthropic’s Rise and the Investor Landscape
Anthropic’s rapid ascent is a key factor driving the “Halo trade.” Founded in 2021 by former OpenAI researchers Dario and Daniela Amodei, the company has quickly become a leading developer of large language models (LLMs), including the Claude series as detailed in a February 23, 2026 report. The company’s valuation has skyrocketed, surpassing that of any company listed on the Australian Securities Exchange (ASX), including major players like Commonwealth Bank (CBA) and BHP.
The $30 billion funding round, led by GIC and Coatue, included participation from a diverse range of investors, including Accel, Addition, and BlackRock as announced by Anthropic. This influx of capital will be used to fuel further research, product development, and infrastructure expansion, particularly in the realm of enterprise AI and coding. Anthropic’s revenue run-rate currently stands at $14 billion, growing at a rate of over 10x annually for the past three years.
The Broader Implications for Tech Investment
The “anything but AI” trade highlights a growing sense of caution among investors regarding the AI sector. Whereas the potential of AI is undeniable, the path to profitability remains uncertain for many companies. The high valuations assigned to AI startups, like Anthropic, raise questions about whether these companies can deliver on their promises and justify their lofty price tags.
This shift in investment strategy could have significant implications for the tech industry as a whole. It may lead to a more rational allocation of capital, with investors prioritizing companies that demonstrate sustainable business models and tangible results. It also underscores the importance of diversification, as investors seek to mitigate the risks associated with investing in a single, rapidly evolving sector.
Looking ahead, the “Halo trade” is likely to persist as investors continue to navigate the complexities of the AI landscape. The focus will remain on identifying companies that can benefit from the AI revolution without being directly threatened by it, and on seeking out opportunities in sectors that offer greater stability and predictability. The coming months will be crucial in determining whether the current enthusiasm for AI translates into long-term value for investors, or whether the “anything but AI” strategy will prove to be the more prudent approach.
What are your thoughts on the “anything but AI” trade? Share your insights in the comments below.
