Bloomberg Surveillance · Monday, August 31, 2026
Tracy McMillian notes that Wells Fargo's AI investment theme has broadened beyond semiconductors to include communication services and materials, particularly for data center build-outs. Despite potential GDP slowdowns, she believes capital expenditure and investment spending will continue rapidly. McMillian cited strong chip demand exceeding supply as a supporting factor for prices.
“Yeah, it's broadened out for us as well. And we do still like information technology. That is one of our favorite sectors. We like semiconductors, hardware, storage in that area. But we've also added communication services, especially on valuations. And we like materials that are part of that build out of the data centers.”
“So overall growth in terms of GDP, we do see modestly slowing, but that has. In. Our view, more to do with the consumer. Than it does with CapEx spending and investment spending, which we do think will continue at a rapid pace.”