The disruption caused by AI, often referred to as "AI anxiety," has compelled investors to re-evaluate risks. Companies characterized by "Heavy Assets, Low Obsolescence" (HALO) are becoming the new favorites for capital seeking refuge.

Morgan Stanley was the first to propose the HALO trading concept, creating a HALO basket (MSXXHALO) that includes seven major structural pillars: materials, utilities, railroads, pipelines, waste management, defense, and signal towers, in order to mitigate the risks associated with technological obsolescence.

Goldman Sachs' latest research report further corroborates this trend, noting that under the triple pressures of rising interest rates, geopolitical fragmentation, and a surge in AI capital expenditures, the market is experiencing a "re-pricing of scarcity," with tangible production capacity becoming a scarce resource. Goldman Sachs analysts point out that investors are no longer blindly pursuing the narrative of light assets; instead, the market is beginning to reward hard-to-replicate capacities, networks, and infrastructure.