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Bank of America suggests 16 high-growth stocks for wary AI investors seeking diversification.

AI stocks' volatility has prompted growth investors to explore alternatives, the bank said.

Centene, Estee Lauder, and Eli Lilly are a few names on the BofA list.

If you're starting to get a little uneasy about the AI trade, but still want exposure to stocks with explosive growth potential, Bank of America has a list for you.

AI stocks have been volatile this summer, with both hyperscalers and AI spending beneficiaries seeing large price swings. That's led Bank of America's clients to ask its researchers how they can keep their exposure to the growth theme while reducing their vulnerability to gyrations in the AI trade.

"Incoming requests suggest AI fatigue," Savita Subramanian, the bank's head of US equity and quantitative strategy, wrote in an August 21 client note, adding that "growth investors are looking for diversification away from pure AI."

In response, the bank compiled a list of 16 stocks that offer investors the best of both worlds: high upside earnings potential and low correlation with price movements of firms like Nvidia, Alphabet, Microsoft, Meta, Oracle, and others.

More specifically, the stocks fall within the S&P 500's consumer staples, healthcare, and financials sectors, which have generally not traded as AI plays yet. The stocks also have five-year projected earnings-per-share growth in the top quintile of the S&P 500 and are "Buy"- rated by the bank.

The 16 companies are listed below in descending order of their projected earnings growth.

Centene

Ticker: CNC

Sector: Health Care

5-year projected EPS growth: 42.16%

Estee Lauder Companies

Ticker: EL

Sector: Consumer Staples

5-year projected EPS growth: 38.99%

Block

Ticker: XYZ

Sector: Financials

5-year projected EPS growth: 30.84%

Eli Lilly

Ticker: LLY

Sector: Health Care

5-year projected EPS growth: 28.23%

Robinhood Markets

Ticker: HOOD

Sector: Financials

5-year projected EPS growth: 27.88%

Insulet

Ticker: PODD

Sector: Health Care

5-year projected EPS growth: 25.28%

Citizens Financial Group

Ticker: CFG

Sector: Financials

5-year projected EPS growth: 24.67%

DexCom

Ticker: DXCM

Sector: Health Care

5-year projected EPS growth: 23.07%

Citigroup

Ticker: C

Sector: Financials

5-year projected EPS growth: 23.02%

AbbVie

Ticker: ABBV

Sector: Health Care

5-year projected EPS growth: 21.57%

KKR

Ticker: KKR

Sector: Financials

5-year projected EPS growth: 21.26%

Humana

Ticker: HUM

Sector: Health Care

5-year projected EPS growth: 20.89%

Interactive Brokers Group

Ticker: IBKR

Sector: Financials

5-year projected EPS growth: 20.20%

Ares Management

Ticker: ARES

Sector: Financials

5-year projected EPS growth: 19.35%

Welltower

Ticker: WELL

Sector: Real Estate

5-year projected EPS growth: 19.20%

Regeneron Pharmaceuticals

Ticker: REGN

Sector: Health Care

5-year projected EPS growth: 18.85%

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