The WINNING sectors of the new AI trade | Ross Mayfield
Full Signal
Phil Rosen
4.8 • 18 Ratings
🗓️ 22 April 2026
⏱️ 29 minutes
🧾️ Download transcript
Summary
Ross Mayfield is an investment strategist at Baird. He joins Phil Rosen on Full Signal to discuss his most bullish sector picks, opportunities and traps in the current AI trade, whether to buy into the software sell off and more.
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Timestamps:
0:00 - Intro
0:21 - Bull Market Divergence
1:23 - AI Trade Not a Bubble
4:17 - Software vs Semis Split
7:13 - Geopolitics and Stimulus
11:10 - Dip Buying Psychology
13:02 - Client Fears Debt Dollar
16:45 - Sector Picks Industrials
19:36 - Housing and Defensives
22:47 - What Turns Bearish
26:17 - AI and Jobs Debate
28:58 - Where to Find Ross Online
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#podcast #investing #markets #macro #stocks #bitcoin #fed
Transcript
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| 0:00.0 | What's up guys? I am sitting down with Ross Mayfield and investment strategist at Baird today. |
| 0:04.8 | We get into his favorite sectors for the year, the sectors that he would not buy right now, |
| 0:10.0 | the latest on the AI trade and where it's headed, what semiconductors are doing, what utilities are doing, |
| 0:15.5 | and much more. I learned a lot in this conversation. I think you will too. Ross, I would love to get your top of mind read |
| 0:24.8 | on how markets are doing because we're up about three and a half percent to start the year, |
| 0:29.0 | but under the hood, it's a very bifurcated market. What are you looking at? Yeah, absolutely. This is |
| 0:34.6 | year four of a bull market, right, off the October 2020 lows. |
| 0:38.6 | And at this point, even if the bull market is going to continue, which we think it will, |
| 0:42.3 | this is when you do really start to see the divergence between big winners and big losers. |
| 0:46.6 | When earnings start to take kind of the lead from multiple expansion, when that rising tide |
| 0:52.1 | that lift all boats kind of stops a little bit. And so you see it |
| 0:55.9 | in tech. You see semis taking off, software taking it on the chin. You see some of the defensive |
| 1:00.4 | names have really struggled. I think we're still in a pretty good setup for this bull market to |
| 1:04.8 | continue. But this is like this is the active manager's dream, right? This is what you always want is |
| 1:09.5 | you want a stock pickers market where that dispersion is really, really wide. You can focus on fundamental stories |
| 1:14.7 | and maybe worry a little bit less about what the Fed's doing or what the big macro story is. |
| 1:19.6 | But the setup's still good. I mean, I still like the market higher into your end. |
| 1:23.8 | So let me ask you about the AI trade then. I know that you are not in the camp that it's a bubble. |
| 1:30.6 | And you also have said that you don't see this as a 1999 analog. |
| 1:37.0 | Where do we fall in that cycle then? |
| 1:39.5 | If we're, and I think it's the right way to think about it. |
| 1:42.0 | If we're using the late 90s, right, everyone has that muscle memory that's in the market today. So I think it's the right way to think about it. If we're using the late 90s, right, everyone |
... |
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