Market volatility in much of 2026 has been driven by uncertainty over AI-driven disruption. Whole industries have been sold off over fears AI tools will replace their business model, leading to a sharp divide between perceived “AI Winners” and “AI Losers”. We believe this short-term perspective overlooks long-term investment opportunities in both groups. Our latest In Depth research examines the industries being reshaped by AI. We explain why AI winners may offer more growth potential than widely perceived and why select AI losers may possess overlooked competitive strengths that could support long-term outperformance. -- 𝐑𝐢𝐬𝐤𝐬: All investments are subject to risk and may lose value. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this document reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.