Cinco valores refugio en el Ibex si estallan las cotizadas de la IA

Valuation fears surrounding AI-linked companies continue to dominate market discussions, with Wall Street viewing CoreWeave as the weak link in this scenario. The data center firm has seen its stock drop by 16% this week and its bonds' cost soar to 15%. Jefferies suggests that CoreWeave could drag down other companies as well, as Nvidia, the world's most valuable AI-related stock, holds a 10% stake in CoreWeave and supplies chips for its servers.

Jefferies notes that AI remains a powerful structural trend, but slower earnings growth, elevated financing risks, and demanding valuations indicate that its attractiveness is decreasing. The firm points out that global AI-related companies trade at a 23 times price-to-earnings ratio, compared to 13 times for the rest of the market. This valuation differential and concerns about technology debt could be a catalyst for diversification away from AI-related stocks.

To achieve this diversification, Jefferies recommends European stocks with attractive valuations, including five companies on the Ibex: ACS, Amadeus, BBVA, Indra, and Santander. While these companies are not entirely disconnected from AI, they do not have a direct dependency on AI. ACS builds and promotes data centers, Amadeus uses technological applications in its travel reservation systems, and the Spanish banks fund tech giants like Oracle and Amazon. The widespread impact of the AI ecosystem is so significant that few will be safe if it bursts.