CNBC Television · Oct 6, 2026
With Holly Mazzocca, President, Wealth Advisor and Principal at Bartlett Wealth Management
Amphenol gets about 40% of its revenue from growth in AI and communications data, Holly Mazzocca said, and the rest from automotive, industrial and space technology.
The market's money is concentrated in chipmakers and the hyperscalers, the large cloud companies building AI data centers. Mazzocca said investors can still own the AI build-out through companies whose earnings do not depend on any one of them.
"However, there are opportunities here to be selective and really look for those stocks that allow you to participate and be in without being all in on the semiconductors and hyperscalers." — Holly Mazzocca
Holly Mazzocca, President of Bartlett Wealth Management, on CNBC's Closing Bell, has advised families, foundations, endowments and nonprofits at the firm since 2015 and has run it as president since 2021.
The full segment is covered here so you can skip it.
Here are the 4 calls that matter.
Key Takeaways
Investors can own AI growth without being all in on chipmakers and hyperscalers, Mazzocca said
Amphenol ties about 40% of its revenue to AI and communications data, with the rest in automotive, industrial and space
Investors are selling all utilities without telling them apart; she says 30% of NextEra's earnings come from clean-energy growth
Waste Management is starting to see $300 million added to its bottom line from smart trucks and AI in its plants
1. Be Selective on AI
The host opened by noting that Mazzocca had asked, as she sat down, whether the conversation would cover anything other than the Magnificent Seven, the largest US technology stocks. He asked whether the market wants to.
Mazzocca said the market is focused on a narrow part of the AI trade, and investors can take part without owning only that part
"However, there are opportunities here to be selective and really look for those stocks that allow you to participate and be in without being all in on the semiconductors and hyperscalers." — Holly Mazzocca
The host asked whether that means the market stays concentrated, so that investors have to search hard for names outside the biggest flows. She said earnings season is the time to look.
She wants companies with durable earnings that come from more than AI
"Yes, I do think this is an opportunity as we head into earnings season, to find those companies that can really continue with very durable earnings and demonstrate that they have diversified earnings stream beyond just the AI pieces, and also companies that are truly innovating and using it within their productivity base." — Holly Mazzocca
