AI Boom Is 'Trickling Down' to Old-Line Stocks, Wells Fargo Says

Wells Fargo & Co. suggests that the extensive AI spending by major tech companies is beginning to benefit the broader economy, particularly industrial stocks. Strategist Ohsung Kwon highlights capital-goods firms as key beneficiaries due to the rising number of data centers being built. The report notes increased manufacturing activity and non-AI capital expenditures, with industrial stocks already seeing a 20% rise this year.