By Pia Singh
Publication Date: 2025-12-09 22:23:00
Investors can look to Taiwan Semiconductor Manufacturing for a steady way to play the artificial intelligence rally, according to F.L.Putnam Investment Management chief market strategist and portfolio manager Ellen Hazen. Hazen appeared on CNBC’s ” Power Lunch ” on Tuesday and shared her thoughts about the best way to navigate the AI trade, which has hit some speedbumps in recent months amid concerns about elevated valuations, risky financing methods and the return on hyperscalers’ massive investments. The investor said that “there is almost certainly going to be a bubble” given the amount of spending going into the new technology needed for AI, but she believes that it will not be comparable to the scale of historical tech bubbles, such as the dot-com bubble of the late 1990s and the railroad boom-and-bust during the 1840s. Supporting Hazen’s conviction is that the majority of AI deals are not being funded by debt and that tech valuations have mostly been powered by strong earnings growth. Hazen remains invested in stocks such as Nvidia and TSMC, but she recommended the latter given its moat in the chips business. “The AI trade continues to go strong, and Nvidia is not the only name. There are other ways to play it,” she said, highlighting TSMC as a top AI stock that she has owned for a significant period of time. TSMC produces semiconductors for tech companies such as Nvidia, Apple and Advanced Micro Devices , which design their own chips but do not manufacture them….
